LPG prices up P1.55 per kg

MANILA, Philippines - Petron Corp., the country’s biggest oil refiner, announced yesterday a P1.55 per kilogram increase in the price of its liquefied petroleum gas (LPG).

The increase, which took effect after midnight Aug.1, “reflects the increase in the international contract price of LPG for August,” Petron said in a statement.

According to the latest oil price monitoring report of the Department of Energy, the cost of an 11-kilogram LPG as of July 26, 2013 ranges from P617 to P745.

With the increase, the price of an 11-kg LPG now ranges from P634 to P762.

The increase in LPG prices came in the wake of oil price rollback of P1.70 per liter for gasoline and 25-centavo per liter for diesel.

Kerosene prices were unchanged.

Zenaida Monsada, director of the DOE Oil Industry Management Bureau, earlier said crude prices would continue to soften.

Energy Secretary Carlos Jericho Petilla said his department is closely monitoring crude prices to see whether local oil firms are adjusting pump prices accordingly.

No bread price hike

Meanwhile, the Department of Trade and Industry (DTI) said there should be no increase in the price of bread, contrary to the advisory of bakery associations.

DTI Undersecretary Zenaida Maglaya said the planned increase in prices of bread is still under review as the department is still in talks with bakers.

The Filipino-Chinese Bakery Association Inc., which groups medium and large bakers; Philippine Baking Industry Group, which represents large bakeries; and the Philippine Federation of Bakery Association Inc., which groups community bakers, said consumers should expect the price of Pinoy Tasty to go up from P37 to P40 per loaf and Pinoy pan de sal from P22.50 to P24 per pack of 10 starting Aug. 20.

The groups said the increase is due to the non-availability of low-priced imported flour, forcing them to use the higher priced locally milled flour.

Maglaya said the planned price hike is too high since Turkish flour comprises only 30 percent of flour used by bakers, adding that shipments are also expected this month.

She said flour millers have also committed not to raise the price of local flour up to December to allay fears of higher duty on imported flour.

Trade Secretary Gregory Domingo said any price increase should correspond to the movement in the price of other goods.

– With Louella Desiderio