MANILA - Petron Corp. and Pilipinas Shell announced on Friday that they will cut prices of their liquefied petroleum gas (LPG) products on Saturday.

Petron said it will slash the prices of its LPG by P0.80 per kilogram and AutoLPG by P0.50 per liter effective 6:00 a.m. on Saturday, August 1. Shell, on the other hand, will reduce the price of its LPG by P0.80 per kilogram or P8.80 per 11-kilogram tank effective 12:01 a.m.

Earlier today, LPGMA (LPG Marketers Association) President Arnel Ty said small players will not be able to cut LPG prices by P1 per kilogram as announced by Energy Secretary Angelo Reyes. Rather, he said the group can only slash LPG prices by as much as P0.80 per kilogram.

Reyes said that international contract prices for LPG have fallen by about $17 a barrel, which could translate to a reduction of P10 to P11 per 11-kilogram tank in the local market.