<\/p>\n
THE COUNTRY\u2019S liquefied petro<\/span>leum gas (LPG) supply increased to the equivalent of fifty days of inventory, driven by a seasonal <\/span>decline in consumption that was <\/span>further exacerbated by soaring <\/span>prices, in keeping with the LPG Marketers Association, Inc. (LPGMA).<\/span><\/p>\n LPGMA Founder Arnel U. Ty said the nationwide demand plunged by 30% month on month in April, mainly as a consequence of high prices of LPG products.<\/p>\n Mr. Ty told reporters on Tuesday that the decline this yr has been more pronounced than in previous years when LPG demand would drop by 15% in the summertime months of March, April and May.<\/span><\/p>\n \u201cThat\u2019s the rationale why the inventory of LPG without delay increases from 35 days to 50 days \u2014 because <\/span>of demand reduction,\u201d he said.<\/p>\n Mr. Ty noted consumers, especially those in rural areas, have shifted to charcoal and firewood for cooking materials as LPG costs surge.<\/p>\n Other than diesel and gasoline, the Philippines can also be a net importer of LPG. It sources 91.4% of its <\/span>LPG supply from Asian countries.<\/span><\/p>\n The Middle East conflict has sent global oil prices soaring. Local LPG prices jumped by as much as P403 this month, pushing the prices to around P1,600 per 11-kilogram (kg) cylinder.<\/p>\n In an unexpected move, President Ferdinand R. Marcos, Jr. on Monday suspended excise taxes only on LPG and kerosene to cushion the impact of rising fuel costs on households, without halting levies on gasoline and diesel. <\/span><\/p>\n Scrapping excise tax on LPG is predicted to bring down prices by P3.36 per kilo or P36.96 per 11-kg cylinder. <\/span><\/p>\n \u201cWe already implemented P3 reduction in our members\u2019 store, composed of around 20% of the full market. So, they (consumers) can get immediate relief from the suspension of the excise tax,\u201d Mr. Ty said.<\/p>\n For the reason that current inventory was already charged with excise tax, he said that the group could have to \u201cabsorb\u201d costs amounting to between P50 million and P70 million.<\/p>\n \u201cBecause we will recoup it when the time comes that excise tax in the long run might be reinstated,\u201d Mr. Ty said.<\/p>\n To further beef up the country\u2019s LPG stockpile, the Philippines has moved to acquire from other countries through a government-to-government arrangement. <\/span><\/p>\n Mr. Ty said the federal government and the private sector have secured around 22 million kilos of LPG, which is ready to reach between May 15 and June 1. Around 44 million kilos of LPG continues to be under negotiation. \u2014 Sheldeen Joy Talavera<\/b><\/span><\/p>\n<\/p><\/div>\n <\/p>\n","protected":false},"excerpt":{"rendered":" A person arranges tanks of liquefied petroleum gas (LPG) on a truck. \u2014 PHILIPPINE STAR\/EDD GUMBAN THE COUNTRY\u2019S liquefied petroleum gas (LPG) supply increased to the equivalent of fifty days of inventory, driven by a seasonal decline in consumption that was further exacerbated by soaring prices, in keeping with the LPG Marketers Association, Inc. (LPGMA). […]<\/p>\n","protected":false},"author":1,"featured_media":319024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[3354,4532,462,50155,4604,6283,5503],"class_list":["post-319023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-days","tag-demand","tag-higher","tag-lpg","tag-prices","tag-push","tag-supply"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/319023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/comments?post=319023"}],"version-history":[{"count":2,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/319023\/revisions"}],"predecessor-version":[{"id":319026,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/319023\/revisions\/319026"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media\/319024"}],"wp:attachment":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media?parent=319023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/categories?post=319023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/tags?post=319023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}