Oil firms, retailers cut LPG, diesel prices
Manila (24 February) -- Liquified Petroleum Gas retailers will cut down prices by Php 1 per kilogram Tuesday, February 24, 2009.
This is the second round of price reduction following the price cut over the weekend.
Apart from the low world price, retailers cited the high supply of LPG has been pulling down the market price.
Last year, the Christmas holiday tightened the LPG supply and drove prices as high as P600 per tank.
Current LPG prices range between Php500 and Php580 per tank.
Retailers had slashed their prices Saturday by Php 3 per kilogram to reflect a US$58 per metric ton reduction in contract prices from January to February.
Meanwhile, Petron Corporation, Caltex Chevron, PPTT Philippines Corporation, Seaoil Philippines and Pilipinas Shell have reduced their diesel prices by Php 1 per liter today.
Current diesel prices are estimated between Php 22.24 and Php 28.45 per liter.
Some outlets of big oil firms were forced to reduce prices because small oil players were selling diesel at rock bottom prices.
Furthermore, the low price of finished diesel products in the world market also drove the prices down. (PIA-MMIO) [top]