LPG prices may drop in next two months
The Liquefied Petroleum Gas Marketers Association (LPGMA) sees a reduction of LPG prices in the Philippine market for at least the next two months, amid weak global demand, despite the looming reports of another round of oil price hikes.
In an interview with LPGMA Partylist president Congressman Arnel Ty, he said the consumers may enjoy a reduction of LPG prices from February to March 2024, although he warned that prices may go up starting July this year.
“The prices of LPG are now experiencing a downtrend despite the war,” said Ty referring to the ongoing conflict between the Israel and Hamasled Palestinian militant group, and other political tensions in oil-producing countries.
The price of cooking gas hiked between PHP3.40 to PHP3.45 per kilogram on the first day of 2024.
Ty, who is also the president of Republic Gas Corporation (Regasco) was in Cebu over the weekend to join the Sinulog Festival 2024 and promote the use of responsible LPG in adherence to the strict guidelines set forth by Republic Act (RA) 11592, or the LPG Law.
According to Ty, the expected decline in LPG prices can be attributed to the diminishing demand from major global consumers such as China and India.
LPGMA, together with Regasco, expressed commitment to work closely with the government in advocating the safe use of LPG, in coordination with the Department of Energy (DOE).
RA 11592, or the LPG Law, plays a crucial role in regulating the LPG industry, ensuring the safety of consumers and the community at large. It establishes comprehensive guidelines for the proper handling, storage, and distribution of LPG, creating a framework that actively safeguards against potential hazards.
Under the LPG Law, every LPG industry participant shall secure a license to operate, which shall indicate the specific site, plant, and outlet, before the commencement of commercial operation, and shall publicly post such license to operate in its business establishment or premises.
“The law was enacted last October 2021, but this year is the 2nd year of the full implementation of the law. Thus, we are doing our share in supporting the government,” Ty in a press conference.
At present, there are over 45,000 LPG dealers across the country, representing more than 30 LPG brands, Ty said.
What remains to be the problem now, despite the enactment of the law, is there are still consumers who are using counterfeit LPG cylinders, sold by unregistered dealers. Counterfeit LPG tanks or cylinders pose serious dangers. Any potential gas leaks from the wrong tank could lead to massive fire incidents, gas explosions, and gas leak poisoning.
“We are also helping also helping all LPG dealers to comply with the law,” added Ty.
According to Ty, participating in big iconic events, such as the Sinulog Festival is one way of increasing awareness in adhering to the LPG Law.
LPGMA and Regasco, together with the cast of teleserye “Batang Quiapo” participated in the Sinulog Grand Parade on January 21, 2024, and also held an information campaign on LPG Law at the SM City Cebu on the Sinulog Weekend.
Ty said LPGMA and Regasco are also preparing an all-year-round information campaign drive to promote safety and tell consumers about the existence of the law.
Established in June 1998, Regasco has been providing quality LPG products to dealers, retailers, and to household consumers.
Through the years, the company continuously builds its network of refilling plants all over Luzon. From a plant in Malabon way back 20 years ago, Regasco has now a total of 25 refilling plans spanning regions 1, 2, 3, the national capital region, and Cebu.