3-peso LPG price hike today
Liquefied petroleum gas (LPG) price increases today by 3 pesos per kilo and will likely increase again by 2 pesos in the next few days. According to Arnel Ty, LPG Marketers Association (LPGMA) president, the price hike is due to the $100 per metric ton increase this December from international LPG contract price which is equivalent to 5 pesos per kilo in domestic market.
“The advice to us is that they are going to do it on a staggered basis. So, P3 tomorrow and the remaining P2 will be done in December, if the exchange rate will not change,” Ty said.
An 11-kg tank would increase to P603 to P613 from P570 to P580 per tank, Ty said.
He also said that the increase was due to the higher demand for LPG in the world market. LPGMA members claimed that due to lower domestic market demand they kept their prices last month despite the increase in LPG’s contract price. With the winter season, however, international demand is higher for their heating requirements.