Petron Corp., the country’s biggest oil refiner and retailer, has slashed the price of cooking gas by P8.50 per kilogram, excluding value-added tax, effective Sunday.
This means that the price of an 11-kg cylinder of liquefied petroleum (LPG) has gone down by P105.
According to Petron, the hefty price rollback was due to the drop in the international contract price of LPG for April.
Petron likewise cut the price of auto-LPG by P5.32 per liter effective also today.
Other LPG retailers have yet to announce their respective adjustments.
Fernando Martinez, chairman of the Independent Philippine Petroleum Companies Association, earlier said the decline in LPG prices could be attributed to high global inventories, resulting in an oversupply of the fuel. Amy R. Remo