PETRON CORP,  TOTAL  PHILS  CUT  (LP)GAS PRICES  ANEW  BY  P1 / KG
 

MANILA, December 21, 2004 (STAR) By Donnabelle L. Gatdula - Petron Corp., the countryís largest oil refiner, and aggressive oil player Total Philippines Inc., will roll back the price of their liquefied petroleum gas (LPG) products anew by P1 per kilogram effective today.

Last Dec. 8, Petron had reduced its LPG productís price by P1 per kg or P11 per cylinder.

"We are implementing a cut in our LPG prices based on our projection that the international contract price of LPG will weaken in January. We are essentially advancing this rollback so that consumers can already benefit in time for Christmas," Petron public affairs manager Virginia A. Ruivivar said.

Historically, LPG prices soften beginning January as stock-building for heating fuels end.

With the rollback, an 11-kilogram Petron "Gasul" tank will now retail at between P381-P391.

"We will continue to assess the possibility of further price moves," Ruivivar added.

Energy Secretary Vincent Perez earlier urged the oil companies to also roll back prices of their LPG products this month as the contract price of LPG has significantly decreased by $46- to $424 per metric ton in December from $470 a month ago.

"Our monitoring shows that the downward movement in the international price of LPG warrants a corresponding adjustment in our local prices. Oil companies should those implement a price rollback," Perez said.

Perez had called on the oil firms to also reduce the prices of petroleum products due to the softening of world oil prices after hitting record highs in the past months.

The average price of Dubai crude dropped to $33.91 per barrel (bbl) this month from $34.87 in November. (MOPS)-based unleaded gasoline fell to $45.41/bbl from $52.45. Diesel also declined by $5.29 to $51.53/bbl from $56.82/bbl.

Only Thai oil firm PTT Phils. Corp. has responded this far, cutting the price of its petroleum products (unleaded gasoline, diesel and kerosene) by 50 centavos per liter. Caltex Phils. Inc., Petron Corp. and Pilipinas Shell, meanwhile, increased the discount on their diesel products by 50 centavos per liter.


Reported by: Sol Jose Vanzi

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