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By Euan Paulo C. Añonuevo, Reporter
COMING off a hefty price cut last week, liquefied petroleum gas
(LPG) retailers are set to reduce prices anew today.
The LPG Marketers Association announced Monday
that its members will reduce their cooking gas prices by P2.00 per
kilogram or a P22.00 reduction in the price of the 11-kilogram LPG
tanks effective today.
Arnel Ty, LPGMA president, said the group
expects prices to go down further in the coming weeks.
He said the latest price cut will effectively
bring down prices below P500.00 per 11-kilogram cylinder from the
current P515.00.
Prior to the latest adjustment, LPGMA members
had cut prices by a total of P10.00 per kilogram so far this month.
LPGMA is a group of cooking gas refillers and
retailers, carrying such brands as Pinnacle Gas, Cat Gas, Omni Gas,
Nation Gas and Island Gas. The groaup mainly operates in Luzon where
it takes up about 30 percent of the market.
Last week, the group cut prices by P4.00 per
kilogram after Petron Corp., Pilipinas Shell Petroleum Corp. and
Total Philippines reduced prices by P6.00 per kilogram.
The reduction in cooking gas prices
follows a similar downtrend at the pump after crude prices in the
international market, which peaked in July, began to soften amid
concerns over a global economic slowdown.
Energy Secretary Angelo Reyes said earlier that
from $804.00 per metric ton in October, the contract price of LPG
has gone down to $490.00 this month.
He said this should translate to P191.00 in
additional reductions in the price of an 11-kilogram cooking gas
cylinder, which retailed at about P545.00 to P627.00 per 11-kilogram
tank prior to a P6.00 cut implemented by large oil firms last
Tuesday.
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