CONSUMERS may face a possible big-time price hike in liquefied petroleum gas (LPG) products as February starts.
The price of LPG may increase by P8 per kilogram this week, according to a report on “24 Oras Weekend”.
Based on the latest price monitoring of the Department of Energy (DOE ) in Metro Manila, an 11-kilogram tank of LPG costs P824 to P990, a 5-kilogram tank was P409 to P510, and it was P190 to P300 for a 2.7-kilogram tank.
Pump prices of petroleum products were also expected to go up for another round this week – the third straight week of increases so far this year.
Citing oil trading in the past five days (Jan. 23 to 27), an oil industry source said the price per liter of diesel may increase by P0.60 to P0.80.
Gasoline prices were likewise expected to be hiked by P1.20 to P1.40 per liter.
Oil Industry Management Bureau director Rino Abad, for his part, said there will be a “more than P1” estimated price adjustment for both diesel and kerosene and an “around P1” hike for gasoline.
Abad cited expectations of strong global demand for oil amid top importer China’s reopening of its economy and the faster growth of the US economy in the fourth quarter of 2022. (GMA Integrated News)
