Lower LPG prices seen in December 2018

MANILA, Philippines — Consumers will continue to enjoy cheaper cooking gas as retailers are expected to implement price cuts next month.

Fuel retailer Eastern Petroleum Corp. said it would roll back prices of LPG or liquefied petroleum gas starting 6 a.m. tomorrow.

The price cut will be at least P5 per kilogram or P55 per 11-kilogram tank.

The exact amount will be announced at noon today, Eastern Petroleum said.

Other companies have yet to announce their respective price adjustments.

Once implemented, this will be the second consecutive month that retailers reduced prices of LPG.

Local retailers track the pricing to Saudi Arabia’s state-owned oil company Saudi Aramco, which sets an international price benchmark at the beginning of each month.

Early this month, Saudi Aramco set its contract price for propane at $540 per metric ton, a significant drop from $655 per MT in October.

During the month, prices of LPG tanks range between P613 and P865, data from the Department of Energy said.