Reyes to hold dialogue with LPG stakeholders
Manila (7 November) -- Energy Secretary Angelo Reyes said that he would be meeting on Friday with manufacturers, distributors and stakeholders in the liquefied petroleum gas (LPG) retail business to fast track the lowering of prices of cooking gas before the Christmas season.
Reyes made the announcement to reporters while waiting for the arrival of President Gloria Macapagal-Arroyo who was scheduled to inaugurate Petron Corporation's $2.5-million fuel additive blending plant here.
Reyes said that due to the decline in the prices of crude oil in the world markets, lpg prices should also go down.
A P4 per kilogram reduction in the price of LPG was recently implemented, which according to Reyes was only 1/4th of what the administration would like to see.
Reyes explained that international LPG contract prices have gone down by 39 percent, which should roughly translate to P15-P17 per kilogram reduction in local prices.
Reyes added that President Arroyo had instructed him during the last Cabinet meeting to work with her economic team in managing inflation during the Christmas season, including the lowering of local LPG prices in to reflect the reduction in international price of the commodity. (PIA-MMIO) [top]