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By Euan Paulo C. Añonuevo Reporter
Cooking gas prices are poised to
increase again Friday as the contract price for liquefied petroleum
gas (LPG) in the world market continues to go up.
The LPG Marketers Association on
Wednesday announced that the group will be increasing the price of
its cooking gas products by P0.50 per kilogram, and auto LPG by
P0.50 per liter starting Friday.
The price hike will result in a
higher adjustment for the group’s 11-kilogram LPG cylinders from
P563 to P588. Auto LPG prices, on the other hand, will increase from
P27.20 per liter to P27.70 per liter.
Arnel Ty, association president,
said the group initiated the price hike because of the price
increase of LPG in the international market.
The contract price for LPG rose
to $852.50 in May, up by $42.50 from the previous month.
Industry sources pinned the
increasing price of LPG on the soaring price of crude in the world
market. (See related front-page story.)
LPG is commonly used as cooking
gas locally and for heating purposes in countries with cooler
climate. It is made during the process in which a barrel of oil is
turned into petroleum products.
Last week, the LPG Marketers
Association—a group of independent players that includes Omni Gas,
Pinnacle Gas, Island Gas, Cat Gas and Nation Gas—also increased
its cooking gas prices by P2 per kilogram.
Large oil firms also increased
LPG prices last week, citing the same reason.
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