Home 
MANILA ? Liquefied petroleum gas (LPG) retailers have slashed prices by 50 centavos per kilogram effective Monday due to a decline in the international contract price of LPG this month.
This meant that the price of an 11-kg LPG cylinder ? used by most households ? has been cut by almost P6, LPG Marketers Association (LPGMA) president Arnel Ty said on Monday.
In a phone interview, Ty explained that the latest rollback was due to a $5-per-metric-ton (MT) decline in the international contract price in February. Last month, the international contract price of LPG stood at $740 per MT.
Meanwhile, local oil companies have also slashed prices of diesel and kerosene by 75 centavos a liter and of gasoline by P1 a liter.
Petron Corp., Chevron Philippines and PTT Philippines adjusted their product prices on Monday, while Pilipinas Shell Petroleum Corp. and Total Philippines also cut prices of gasoline by P1 a liter and of diesel and kerosene by 75 centavos a liter, effective Tuesday (Feb. 2).
According to Petron and Shell, the latest price rollback reflected the movement in the prices of petroleum products in the international oil markets.
Seaoil Philippines, Flying V Philippines and Eastern Petroleum Philippines were the first to implement the rollback, by cutting by 75 centavos per liter the prices of diesel and kerosene and by 50 centavos the price of gasoline.
"This is the third consecutive rollback for the year, reflecting movements in the international prices of finished petroleum products," Eastern Petroleum president Fernando Martinez earlier said.
In the meantime, Energy Secretary Angelo T. Reyes assured the public of the Department of Energy's continuing efforts to monitor the local market to ensure that the domestic oil prices would reasonably reflect price movements abroad.
"We will not allow oil companies to abuse pricing," Reyes said during a briefing on Monday.
The energy chief also called on the public to buy low-priced petroleum products "to force" other players to sell competitively. INQUIRER
