A Department of Energy (DOE) official warned that prices of liquefied petroleum gas (LPG) may increase by the second quarter of this year, as demand for the fuel may continue to rise.
Assistant Director Rodela Romero of the DOE’s Bureau of Oil Industry Management said LPG prices may increase due to the expected bump in demand in India, citing reports.
“Mangangailangan po ng marami ang India lalo na sa panahon na magkakaroon sila ng eleksyon,” said Romero during a televised briefing.
“Iyon po ang dasal natin (rollback) at saka the reason kung bakit minu-monitor natin gusto natin na talagang reflective lang ng presyuhan sa international,” she added.
“So, expected daw na by second quarter of 2023 ay tataas po ang presyo ng LPG. Hopefully not.”
The cost of LPG decreased by P3.00 to P3.50 per kilogram this week,even as the price of other fuel products increased.
Petron announced it would slash LPG and auto LPG prices by P4.20 and P2.35 per kilogram, respectively, effective on Jan. 1.
Romero said the demand for LPG products in recent weeks has decreased while its production in the Middle East spiked, hence the rollback.
“Sa United States po kasi ginagawang blending fuel iyon sa gasoline. So, komo bumaba po iyong demand sa nasabing butane, so nagkaroon po ng pagbaba ng presyo sa kabuuan ng mundo,” noted the official.
Prices of fuel products increased on Jan. 3 between P2.10 – P3.05 per kilogram. Fuel brands announced respective oil price hikes earlier in the day.
