MANILA, Philippines – Consumers should brace for a price increase of as much as P55 per 11-kilogram cylinder of liquefied petroleum gas (LPG) this December as demand in the region for the fuel continued to tighten, the representative of the LPG Marketers Association party-list said.
Representative Arnel Ty said the first leg of the price hike – P3 per kilogram or P33 per cylinder – is expected Wednesday.
If the price of LPG continues to rise in the international market, this initial hike will be followed by successive increases of up to P22 pesos per 11-kilogram cylinder, he added.
“That’s the bad news . . . The situation now is that (the) LPG price is increasing because (the) contract price is rising in the international market since October,” he told a news conference.
Ty attributed the price adjustment to higher acquisition costs due to increased demand.
As a result, the international contract price for the product jumped from $791 per metric ton on October 31 to $893 per metric ton on November 30.
However, he said the price of LPG is expected to be lower by January as demand wanes.