LPGMA to implement P2/kg price rollback

ABS-CBN News

Posted at Feb 27 2009 05:34 PM | Updated as of Feb 28 2009 07:38 AM

Members of the LPG Marketers Association will slash prices of liquefied petroleum gas by another P2 per kilogram effective 12:01 a.m. Saturday.

The price cut will bring the total price reduction implemented by the group in the last three weeks to P6 per kilogram.

According to LPGMA president Arnel Ty, the move would be in anticipation of lower LPG contract prices next month. He noted an oversupply in LPG has been forcing players to rollback prices to prop up demand.

Energy Secretary Angelo Reyes said it was but right for LPG sellers to bring prices down. Reyes again urged players reportedly hoarding cooking gas products to release them especially now that prices have been on a downtrend.

Meanwhile, Reyes advised motorists to gas up at stations selling cheaper diesel. Seaoil earlier initiated a P3 per liter cut although other oil firms did not follow suit.

Major oil player Pilipinas Shell said it will not implement price adjustments this weekend but it will study import figures next week. With a report from Alvin Elchico, ABS-CBN News