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The Big 3 oil companies on Tuesday announced they will reduce the prices of liquefied petroleum gasoline (LPG) by as much as P6 per kilogram.

The announcement was made by giant oil firms Pilipinas Shell, Chevron and Petron.

On the other hand the Eastern Petroleum through its president Fernando Martinez revealed that they will be slashing their auto-gas by P2 per liter and will take effect 6:00 p.m. Tuesday.

The big LPG price adjustment of Shell would take effect at 12:01 a.m. Wednesday, bringing down the price of an 11-kilogram LPG tank by P66.

The similar price cut for Petron would be implemented an hour after Shell does or at 1 a.m. of Wednesday.

Petron officials said the new price cutback was triggered by the continued lowering of contract prices in the world market.

In all the successive price rollbacks, Petron has accumulated a total of P10 per kilogram rollback on its LPG products, P4 of which were slashed last week.

LPGMA President Arnel Ty, though explained that the call of Energy Secretary Angelo Reyes for a bigger and more substantial price cut was “unlikely."

He said the request is difficult to implement because the figure that has been coming out is only the best price cutback they can give to their consumers. - PNA

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