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MANILA, Philippines - Petron Corp. slashed the price of its liquefied petroleum gas (LPG) products amid softening contract prices abroad.
In a text message, Petron announced a P5.25 per kilogram and P3.29 per liter reduction in LPG and AutoLPG prices, effective 12:01 a.m. of May 1.
The price cut translates to a P65 reduction in the price of an 11-kilogram LPG cylinder.
The company said the price cut was in response to "the drop in international contract prices for the month of May."
Suppliers abroad set LPG contract prices on a monthly basis.
Other LPG retailers have yet to announce any similar price reduction as this went online.
Prior to the price rollback implemented by Petron, which controls roughly 40 percent of the LPG market, an 11-kilogram cooking gas tank in Metro Manila sold for P762 to P845 each.
AutoLPG, on the other hand, sold for P34.20 to P34.38 a liter.
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