Higher prices of liquefied petroleum gas (LPG) will greet consumers on the first day of 2024.
Regasco president Arnel Ty, in a report by ABS- CBN News, said LPG prices are expected to increase by P3.50 per kilogram (kg) or P38.50 for an 11-kg cylinder.
He attributed the increase is to higher shipping costs as a result of political tensions in the Red Sea, one of the world’s most significant energy chokepoints.
“Shipping firms have advised customers in the Philippines of additional costs amounting to $60 per metric ton,” the report said.
“This is due to problems in the Panama and Suez Canals resulting in reduced trips of vessels and additional fuel consumption by using longer routes,” it added.IMT
