A price rollback for liquified petroleum gas (LPG) products is likely to be implemented in the coming months, former LPGMA Party-list Representative and Republic Gas Corporation (REGASCO) President Arnel Ty said.

Ty said that based on the trend in the global market, the price of LPG is expected to go down.

Last February 1, consumers faced a big increase of more than P120 in the cost of an 11-kilogram tank of LPG.

“Medyo mataas ngayon, pero ang trend ay pababa sa mga darating buwan. Hindi naman permanente na mataas ‘yan,” Ty told the reporters who attended the first leg of LPG Regional Summit 2023 in San Fernando City, La Union.

The summit, which was held from January 31 to February 2, aimed to spread awareness about the significance of Republic Act 11592 or the “LPG Industry Regulation Act” and its implementing rules and regulations (IRR).

The law seeks to regulate the LPG industry to ensure consumer protection against malpractices, as well as to institute reforms in the existing standards of conduct and codes of practice of the LPG industry.

Under the law, the Department of Energy (DOE) is assigned as the lead agency in ensuring the quality and safety standards of LPG systems and cylinders used by companies, businesses, and consumers.

The LPG Regional Summit 2023 was attended by more than one thousand LPG marketers, dealers, retailers and refillers from Region 1.

It was organized by companies and members of the LPG industry in the country which includes REGASCO, Petron Corporation, Seagas, Gazolite, Gaz Lite, Liquigaz, Solane, Phoenix LPG, LPG Safety Foundation Inc., LPGIA, LPGMA, South Pacific Inc., Brenton International Venture Manufacturing Corporation, Ferrotech Steel Corporation and Goodwill Metal Corporation.

It was held in cooperation with the DOE and Department of Trade and Industry.