LPG retailers hike prices by P2/kg

ABS-CBN News

Posted at Aug 31 2010 03:18 PM | Updated as of Aug 31 2010 11:18 PM

MANILA, Philippines - Liquefied petroleum gas retailers have increased prices of their products by P2 per kilogram to reflect higher contract prices abroad.

LPG Marketers Association (LPGMA) president Arnel Ty said there was a $55 per metric ton increase in prices of LPG in the international market.

This should have translated to a P2.70 per kilogram rise in domestic prices, but Ty said "2 pesos, we think, is enough."

In the remaining months of the year, Ty expects LPG prices to increase further.

"We see prices to continue to rise until the end of 2010."

LPGMA, composed of wholesalers, refillers and retailers, corners a third of the Luzon market. Its members include Omni Gas, Pinnacle Gas, Island Gas, Cat Gas and Nation Gas.