LPG Prices to Rise in August Amid Middle East Tensions; Fuel Prices May Drop

MANILA, Philippines — Prices of liquefied petroleum gas (LPG) are set to rise in August due to renewed tensions in the Middle East. Republic Gas Corp. president Arnel Ty told “Money Talks” on One News yesterday that the Department of Energy (DOE) will announce the price adjustments in the coming days as he assured the public that LPG supply remains stable. LPG supply as of July 24 can last 35.77 days, according to the DOE. In recent months, vendors have procured their supplies from non-traditional countries, such as the United States. “We are making sure that there is a supply coming in because we are not dependent anymore on the Middle East supply,” Ty said. Meanwhile, a potential price cut of P0.50 to P1 per liter for diesel and P1 to P1.50 per liter for gasoline can be expected next week, according to Jetti Petroleum president Leo Bellas. The projections were based on the four-day average movement of foreign exchange rates and the Mean of Platts Singapore, the pricing benchmark for refined petroleum products across Asia-Pacific markets. Bellas said oil prices eased earlier as cautious optimism over the US-Iran conflict helped temper concerns over geopolitical risks. This week, major oil companies hiked gasoline, diesel and kerosene prices by P6.80, P7.30 and P4.20 per liter, respectively. Following the adjustments, gasoline prices in Metro Manila now range from P76.40 to P106.50 per liter, while the cost of diesel hits as high as P106.60 per liter. Kerosene prices also further increased, currently ranging from P103.20 to P138.30 per liter. — Brix Lelis