Petron Corp. and Solane yesterday increased the prices of Liquefied Petroleum Gas, the cooking fuel for most Filipino homes, by R0.90 to R0.91 per kilogram or R9.99 to R10.01 for the standard 11-kilogram cylinder.
Petron Corp. said the price increase inclusive of Value-Added Tax took effect at 12:01 a.m. It also increased its auto LPG product, which is commonly used by taxis, by R0.50 per liter.
“These reflect international LPG contract prices for the month of July,” the oil firm said in justifying this month’s upward adjustments.
Solane increased LPG price by R0.91 per kilogram or R10.01 for the standard 11-kilogram tank at 6 a.m.
LPG price adjustments follow the cost swings in international contract prices, which is benchmarked on Saudi Arabia contract prices, a pricing reference for Far East markets, including the Philippines.
This contract price is often set by Saudi Aramco at the beginning of each month. Last month, Saudi Aramco set LPG contract prices at $560 per metric ton for both propane and butane products. (Myrna M. Velasco)