Oil companies raised the price of liquefied petroleum gas (LPG) or cooking gas by P3.50 to P3.55 per kilo because of the higher contract price of LPG in the world market.

This is equivalent to P38.50 to P39.05 per 11-kg tank of LPG.

According to Petron Corp, the country's biggest oil company,
autoLPG prices will likewise increase by P1.96 per liter at the same time. These reflect the international contract price of LPG for November.

Petron, however, said a price freeze would be observed in areas where a state of calamity was declared.

Phoenix LPG Phils., Inc. and Solane LPG announced similar price increases effective Nov. 2.

An 11-kilo tank of LPG sells from P797 to P1,000 in Metro Manila, based on the monitoring of the Department of Energy.

On Tuesday, the oil firms cut pump prices by P0.60 per liter for diesel and P0.25 per liter for gasoline and kerosene to reflect the movement of prices in the world oil market.

This is the second consecutive week of oil price rollback driven by the economic slowdown in China due to rising COVID-19 cases and mobility restrictions.