The tide seems to have turned in favor of motorists as oil executives announced a modest rollback in pump prices scheduled to come into effect tomorrow, but homeowners will be biting their lips as the price of cooking gas is headed in the opposite direction.
The country’s two major oil companies formally announced the impending price adjustments yesterday afternoon, while others are expected to issue similar statements soon.
Pilipinas Shell, beating the competition to the punch, said it would be cutting prices of its diesel products by P0.30 per liter, its gasoline products by P0.10 per liter, and kerosene by P0.20 per liter effective 6 a.m. tomorrow, April 2.
However, Petron Corp. announced a P1.25 per kilogram increase in the prices of Liquefied Petroleum Gas affective 12:01 a.m. today. This translates to a P13.75 increase for every 11-kilo tank of cooking gas.
The price of auto LPG, often used by local taxicabs, will likewise go up by P0.70 per liter.
Industry sources said these adjustments reflect the current direction that the international oil market has taken in recent days which local oil firms are simply passing on to the Filipino consumer.
They explain that domestic prices of liquid fuels are dictated by the price of finished oil products in the world market while LPG prices are dictated by the international contract prices of LPG – which are traded separately. (PNA)