Leading oil company Petron Corp. welcomed the new year with a good news.
It rolled back prices of its liquefied petroleum gas (LPG) and AutoLPG effective 12:01 a.m., January 1, 2016.
In its advisory, Petron said it had reduced its Gasul and Fiesta Gas LPG prices by P4.85 per kilogram (kg).
This is equivalent to a decrease of P53.35 for the standard 11-kg household cylinder.
At the same time, the oil firm also lowered prices of its Xtend AutoLPG by P2.70 per liter.
The price cuts were primarily a result of movement of LPG prices in the world market.
“These reflect movements in the international contract prices of LPG for the month of January,” Petron said.
Last December, Petron and Eastern Petroleum Corp. increased LPG prices by P2.80 per kilogram or P30.80 for an 11-kilogram LPG tank.
Petron also increased its autoLPG by P1.57 per liter.