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MANILA - (UPDATED 6:31 p.m.) Isla LPG Corp. and Total Philippines Corp. announced that they will increase the price of cooking gas on Wednesday following the rise in the international contract price for liquefied petroleum gas.
Isla LPG is the joint venture between Itochu Corp. of Japan and Citadel Holdings Inc. of the Delgado group, which bought Shellane, the LPG business of Shell in the Philippines. Total i
Other LPG players have yet to announce similar adjustments as this went online.
The latest price increase was brought about by the uptick in oil prices in July.
Industry players attributed the increase to the potential impact on supply brought about by the European Union's sanctions on Iran because of its nuclear program.
On top of this, the potential recovery of the European market also put an upward pressure on prices.
Prior to the increase implemented by Isla LPG, the price of an 11-kilogram cooking gas tank retailed for P516 to P640, while a liter of AutoLPG cost between P23.99 and P25.70.
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