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PIA Press Release
2008/11/05

Another cut in LPG prices on the way - PGMA

Manila (5 November) -- President Gloria Macapagal-Arroyo assured the people that they can expect another round of oil price reductions, including that of liquefied petroleum gas (LPG).

She cited no figures, but Energy Secretary Angelo Reyes later said the additional cut in LPG prices could be as much as P12 per kilogram.

The President made the announcement at the end of the joint Cabinet-National Economic Development Authority (NEDA) board meeting this morning at the guest lounge of Toyota Motor Philippines.

The President said that the price of crude in the world market, which has gone down considerably, should be reflected in the local pump prices of diesel and gasoline.

"The crude is going down to the same level as it was in June 2007. And given a time lag of one month, and the use of the inventory of the previous month, then we should expect that the prices should be the same as the prices in July 2007," she said.

Reyes said that in June 2007, the price of Dubai crude was $65.79 per barrel. The Dubai crude price was reflected in the local pump prices the following month (July), with the price of diesel at P34.95 per liter and gasoline at P40.95 per liter.

With the Dubai crude averaging $67.42 a barrel last October, Reyes said prices of gasoline and diesel would surely go down, especially if the downward trend in oil prices holds and the dollar rate remains stable.

"Prices of crude have gone down tremendously and we are working to ensure that the reductions in crude prices are reflected in the pump prices for the consuming public," Reyes said.

He added that the recent P4 per kilogram cut in the price of LPG would be further reduced by an additional P12 per kilogram.

"It is only one-fourth of where it should go. So we have brought this to the attention of the LPG industry to provide relief to the households," Reyes said.

The President said her economic managers are working very hard to rein in inflation to provide relief to consumers especially during the Christmas season.

"Hopefully other commodities will follow the trend so that the paycheck will go a long, long way," she added. (PIA-MMIO) [top]

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