DEPARTMENT OF ENERGY — Worldwide fuel costs continue to rise which may also result in LPG fuel price hike. According to DOE, the price of liquefied petroleum gas (LPG) in the Philippines might rise up to P119.53 per liters, or roughly P1,314 every 11 kilogram cylinder.
As of March 2022, the present LPG rates for every 11-kilogram cylinder vary between P880.45 to 1140.00, or P80.04 to 103.63 per liter.
The projected price of gasoline, diesel, kerosene, and LPG in the Philippines depending on the per barrel price of oil in the global market, according to the Department of Energy.— Neil Arwin Mercado (@NAMercadoINQ) March 14, 2022
At $140, gasoline prices may reach P86.72 while diesel is seen to reach P81.10 per liter. pic.twitter.com/HOWwFnIi4A
“In $140, we expect that gasoline will go as high as P86.72, diesel at P81.10 and kerosene at P80.50 [per liter],” Erguiza said.
The global average cost of LPG is 0.81 U.S. dollars. The price per liter is one dollar. Yet, there is a significant price disparity between countries.
The pricing discrepancies between nations are due to varied LPG taxes and subsidies. All nations have accessibility to the same worldwide natural gas rates, but they choose to apply various tariffs. As a result, LPG has a distinct retail price.
Given the price hikes, Erguiza stated that the country’s gasoline supply will not be affected.
“We want to assure the public that our supply is sufficient and what is really the problem is the cost of fuel,” Erguiza stated. – WhatALife!