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Small retailers of cooking gas are set to increase their prices by
Saturday, Arnel Ty, Liquefied Petroleum Gas Marketers Association
president, said on Monday.
In a text message to The Manila Times, Ty said
the group will be increasing prices of liquefied petroleum gas, or
LPG, by P3 per kilogram and auto LPG—or LPG for vehicles—by
P1.50 per liter.
The announcement came on the heels of a warning
aired by Ty last week that cooking-gas prices are set to post their
highest adjustment in June, because of the soaring prices of crude
in the world market.
Oil rose in Asia on Monday and was trading at
around $132 per barrel, not far from the all-time high above $135
hit last week amid concerns about inadequate crude output despite
robust demand.
The impending price hike will increase the price
of the group’s 11-kilogram LPG cylinder from P568 to P601.
Ty said the contract price for LPG has already
increased by $65 per metric ton from the previous month’s average
and may go up later as other countries enter colder seasons.
LPG, which is commonly used as cooking gas in
the Philippines, is also used for heating purposes abroad.
Industry officials pointed to the soaring prices
of oil in the world market as the culprit behind the increasing
price of cooking gas. LPG is also made from crude.
The marketers association headed by Ty accounts
for about a quarter of the cooking-gas market in Luzon and carries
such brands as Omni Gas, Pinnacle Gas, Island Gas, Cat Gas and
Nation Gas.
-- Euan Paulo C. Añonuevo with AFP
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