The price of liquified petroleum gas (LPG) is set to increase by P9.50 per kilogram (kg) starting February.
The price per metric ton of LPG on the international market may increase from 599 dollars to 757 dollars, according to the LPG Marketers Association (LPGMA).
It is equivalent to an increase of more than P9.50 per kg or P104.50 per tank of LPG.
“100% na may pagtaas sa susunod na buwan, three days from now, 100% na, it will be a big increase,” LPGMA President Arnel Ty said.
“Ang demand ng China ngayon buwan ay biglang lumaki dahil sa opening of their economy, sumabay ang EU [European Union] countries requirement because of embargo ng EU countries sa Russian oil,” he added.
LPGMA reminded consumers not to panic and to purchase only what they need.
“Magdadagdag sila ng another or a few number of cylinders, that will cause a temporary tightness… Historically sa LPG, pag may malaking bugso ng pagtaas, may malaki rin bugso na pagbaba, will continue ang pag monitor,” he continued.
LPGMA is promoting the removal of value added tax when petroleum prices reach the “trigger price.” —With report from Cleizl Pardilla/KC – gb
