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Cooking gas up P57 per 11-kilo tank

Consumers would have to pay more for cooking gas as firms welcomed July with a big-time hike on prices of liquefied petroleum gas.

In separate advisories, Petron and Phoenix LPG Phils. Inc. increased their LPG prices by P5.20 per kilogram while Solane-branded LPG went up by P5.19 per kilogram.

The price movements translate to a P57.09 to P57.20 price hike on a regular 11-kilogram LPG tank.

Both Petron and Phoenix also increased auto-LPG prices by P2.90 per liter.

The price adjustments took effect yesterday morning.

Meanwhile, Philippine shares started the second half of the year up on hopes for an economic rebound but the peso weakened to the 49-level against the US dollar.

The Philippine Stock Exchange index gained 0.90 percent, or 62.10 points, to 6,964.01 points.

All Shares rose by 0.73 percent, or 30.85 points, to 4,275.43 points.

Mining and Oil led the sectoral counters after it increased by 2.01 percent and was trailed by Holding Firms, 1.14 percent; Property, 1.06 percent; Financials, 1.04 percent; Industrial, 0.47 percent, and Services, 0.03 percent.

Volume totaled 2.93 billion shares, amounting to P13.52 billion.

Gainers led losers at 120 to 81 while 49 shares were unchanged.

On the other hand, the local currency depreciated against the US dollar after ending the trade at 49.11, its weakest since closing at 49.15 on July 30, 2020, from its 48.8 close a day ago.

It opened the day at 48.9, weaker than its 48.6 start in the previous session.

It traded between, 49.13 and 48.9, resulting in an average of 49.004. Volume reached USD1.35 billion, higher than the USD1.11 billion a day ago.*PNA

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