MANILA - An industry player said on Tuesday that consumers should brace hefty spike in the cost of cooking gas after the international contract price of LPG rose to its highest level in the last 5 years.
REGASCO President Arnel Ty says based on today's contract price, the increase is already at $108 per metric ton which translates to an increase of P5.80 per kilo.
LPG prices in the Philippines change once a month, at the beginning of every month.
By Oct. 1, Ty estimates that the increase in contract price will be sustained but gave a range of P5-P6/kilo, which translates to an increase of P55-P66 for every 11 kg tank.
Ty said the increase is the highest, not only in the entire pandemic period but in the last 5 years.
He added, the projection in prices will remain high for the rest of the winter months until March next year as LPG is also used as heating fuel.
Ty advised households to save on the use of LPG to remain on budget.
From June 2021, the estimated price spike already totals around P11.40 per kilo or P125 per 11-kg tank.
DIESEL, GASOLINE, KERO PRICE SPIKES
Meanwhile, fuels like diesel, gasoline and kerosene have also been increasing in the last 5 weeks.
In the last 5 weeks, the total price spikes already reached more than P3/liter especially for diesel and kerosene.
Total Fuel Price Hikes
(Aug. 31-Sept. 28, 2021)
- Gasoline P2.65/litro
- Diesel P3.60/litro
- Kerosene P3.25/litro