LPG hike, pump price rollback may hit consumers in August

National

HOUSEHOLDS may face higher liquefied petroleum gas (LPG) costs in August even as motorists could see some relief at the pump next week, with fuel prices projected to decline.

Republic Gas Corp. president Arnel Ty said the Department of Energy (DOE) is expected to announce the LPG price adjustments in the coming days.

Speaking on “Money Talks” on One News, Ty also assured the public that LPG supply remains stable.

The DOE reported that the country had enough LPG supply to last 35.77 days as of July 24.

Ty said suppliers have diversified their sources in recent months, with vendors procuring LPG from non-traditional markets such as the United States. He said the industry is ensuring that shipments continue to come in and that the country is no longer dependent on supplies from the Middle East.

“We are making sure that there is a supply coming in because we are not dependent anymore on the Middle East supply,” Ty said, as quoted by Philstar.

Meanwhile, motorists could see a rollback next week, with diesel prices potentially dropping by P0.50 to P1 per liter and gasoline prices by P1 to P1.50 per liter, according to Jetti Petroleum president Leo Bellas.

The projections were based on the four-day average movement of foreign exchange rates and the Mean of Platts Singapore, the benchmark for refined petroleum products across Asia-Pacific markets.

Bellas said oil prices had eased earlier as cautious optimism over the US-Iran conflict helped temper concerns over geopolitical risks.

The possible rollback follows a steep increase in pump prices this week, when major oil companies raised gasoline, diesel and kerosene prices by P6.80, P7.30 and P4.20 per liter, respectively.

Following the adjustments, gasoline prices in Metro Manila now range from P76.40 to P106.50 per liter, while diesel prices reach as high as P106.60 per liter.

Kerosene prices have also increased, ranging from P103.20 to P138.30 per liter.(MyTVCebu)