Two days after prices of petroleum products increased nationwide on Tuesday, consumers were welcomed with a big price hike of more than P120 per 11-kilogram tank of PG cooking gas today, February 2.
LPG brands that implemented the price hike include Petron, Phoenix Super LPG and Solane. Petron and Phoenix Super LGP implemented a price hike of P11.20 per kg, or P123.20 per 11-kg cylinder of liquefied petroleum gas (LPG) while Solane raised its selling prices by P11.18 per kg, equivalent to about P123 per 11-kg household LPG.
Spiraling costs of fuel have been a bane for Filipinos, even though weeks ago, the price of LPG decreased by P3.09 to P4.20 per kg and AutoLPG by P2.35 to P2.50 a liter.
Meanwhile, The Bangko Sentral ng Pilipinas has identified other possible factors concerning the rate of price increases for the month of January. These include the “approved water rate rebasing, higher domestic petroleum prices, uptick in the prices of key food items, and the annual increase in sin taxes.”
The central bank added that the reduction in LPG prices weeks ago as well as the peso appreciation contributed to the easing price pressures last month.
“The BSP will continue to adjust its monetary policy stance at the necessary pace to prevent the further broadening of price pressures and monitor emerging price developments closely in accordance with the BSP’s price stability mandate,” it added.
On the other hand, the Philippine Statistics Authority (PSA) is set to report January inflation data on Tuesday, February 7.