Cooking Gas Prices Rise Again, Marking Third Consecutive Monthly Increase

The onset of summer has brought with it a familiar pinch on consumers’ wallets as the price of liquefied petroleum gas (LPG), a staple in Filipino households for cooking, has climbed for the third straight month. Petron Corporation, one of the leading oil companies in the Philippines, announced a price hike of P0.30 per kilogram for its LPG offerings starting March 1, 2024. This adjustment translates to an increase of P3.30 for every 11-kilogram tank of LPG, a common size used by families.

This recent price surge is attributed to the fluctuations in the international contract price of LPG for March, reflecting the volatile nature of global energy markets. This increment follows a substantial hike last month, where consumers faced an increase of P10.45 per cylinder, adding significant pressure to household budgets already stretched thin by rising living costs.

The adjustment in LPG prices has been a recurring theme at the start of the year, with retail prices in Metro Manila previously ranging between P920 and P1,100 per tank in January. Such trends underscore the challenges consumers face in managing energy expenses, especially in a country where LPG is a primary fuel source for cooking.

As families across the Philippines adjust their budgets to accommodate these higher costs, the ripple effects of the global energy market’s fluctuations continue to be felt at the local level, highlighting the interconnectedness of international trade and domestic economic well-being.