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LPG prices up by P0.27-P0.30/kg; mixed adjustments in pump prices this week

March 4 ------ Cooking fuel will come heavier on the budgets of households this week as the price of liquefied petroleum gas (LPG) will go up by P0.27 to P0.30 per kilogram (kg) for the month of March, as announced by the industry players. Leading player Petron Corporation, in particular, implemented LPG price hike of P0.30 per kg; while rival-firm Solane enforced a leaner increase of P0.27 per kg. 


The LPG firms have been adjusting LPG prices monthly based on the swing of prices in the international market, using Saudi Aramco contract prices as the primary reference. Further, the consumers will have mixed feelings on their drive to the gas pumps next week, as the price of gasoline products will rise; while diesel prices will be on rollback, according to the estimates of the oil companies. As indicated by the industry players, the price of gasoline will increase by P0.45 to P0.85 per liter; while diesel prices will be trimmed by P0.40 to P0.80 per liter; and kerosene prices will be pared by P0.25 to P0.65 per liter. 


The oil companies will be adjusting prices at the domestic pumps on Tuesday (March 5) based on the routine already embraced in the deregulated downstream oil industry. If reckoned solely on cost movements anchored on the four-day trend of the Mean of Platts Singapore (MOPS) index, the calculated price swings would be: P0.420 per liter hike for gasoline products; and reduction of P0.605 per liter for diesel and P0.35 per liter for kerosene. Nevertheless, the final adjustments would still change depending on the outcome of Friday (March 1) trading in Singapore, which reflects developments not just in the regional market but also globally. 


Prior to the new round of price fluctuations next week, a monitoring report of the Department of Energy (DOE) has shown that prices since the start of the year already logged net increases of P5.45 per liter for gasoline; P4.45 per liter for diesel; and P0.40 per liter for kerosene. In recent months, the main factor prompting heftier adjustments in prices had been market risk premium arising from rerouting of shipping vessels due to the Red Sea friction. 




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