(Eagle News) — Good news for LPG consumers. Starting Nov. 1, oil companies are set to implement a big price rollback on liquefied petroleum gas (LPG), according to the Oil Industry of Management Bureau of the Department of Energy (DOE).
LPG prices will likely to go down ranging from Php 5.00 to Php 7.00 for every kilogram (kg), or a total of Php 55.00, or Php 77.00 for an 11 kg LPG cylinder.
According to Oil Industry Management Bureau assistant director Rodela Romero, the drop in the prices of LPG was due to the oversupply of crude oil in the world market.
“Dine-declare ‘yong sa Saudi governor na parang oversupply ng market. In fact, isang magandang pangyayari doon, itong crude ng United States, tumaas ang kaniyang inventory,” Romero said.
“Katulad ng sinasabi natin, malaking consumer si United States, at least hindi na siya makikiagaw sa world supply,” he added.
Oil companies are set to announce the decrease on the prices of LPG on Wednesday, October 31.
