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LPG prices rise on first day of February

ABS-CBN News

<p>MANILA <strong>(UPDATED)</strong> -- Prices of liquefied petroleum gas (LPG) rose on Thursday, February 1. </p><p>Petron said it is increasing LPG prices by P0.95/kg, while Solane is upping prices by P0.91/kg.</p><p>CleanFuel, meanwhile, is increasing its Auto LPG&#x27;s price by P0.50 per liter.</p><p>Republic Gas Corporation or Regasco has hikes its LPG prices P0.70/kg.</p><p>Regasco President Arnel Ty estimated a rollover or a slight reduction of up to P1.00/kilo last week.</p><p>But Ty said LPG contract prices in the international market rose on the last day of January.</p><p>Historically, LPG prices ease from February to June, but Ty said the contract price rose last January 31 by $10/metric ton.</p><p>As a result, LPG now retails at P930 to P1,111 per 11 kg cylinder after the upward price adjustment.</p><div><strong>ANOTHER OIL PRICE HIKE NEXT WEEK?</strong></div><p>For the fifth straight week, another fuel price hike looms for diesel, gasoline and kerosene.</p><p>Although prices have been going down since Tuesday, the average prices are still up from Monday to Wednesday:</p><div><br/></div><p>Gasoline P1.03/L increase</p><p>Diesel P1.53/L increase</p><p>Kerosene P1.09/L increase</p><div><br/></div><p>Jetti Petroleum President Leo Bellas sees another oil price hike next week, estimating that prices in the mean of Platts Singapore are likely to increase today and tomorrow.</p><p>For analyst Luis Limlingan, prices will remain elevated but not too high as OPEC will also consider other factors like recession and higher interest rate in calculating their next moves.</p><div><br/></div><div><strong>RELATED STORY:</strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/XOL9g4XHiXo?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><div><strong>--with reports from Alvin Elchico, ABS-CBN News</strong></div>