(UPDATED) A BIG-TIME price hike for liquified petroleum gas (LPG) may be implemented next week, the LPG Marketers Association (LPGMA) told The Manila Times on Sunday.

LPGMA President Arnel Ty said that while the final price has yet to be announced, an increase of as much as P9.50 per kilogram is likely. This will raise the cost of a cylinder by P104.50.

The Department of Energy (DoE) earlier said that the global contract prices inched up by $40 per metric ton (MT) in December last year to $650 per MT from $610 per MT in the previous month.

Ty said that the contract price continues to increase.

"The final price on January 31 will be the final price that Saudi Aramco will be announcing. If the $157 per MT will be the basis, its equivalent to P9.50 per kilogram. That will be the price increase for the Philippines," he said.

Ty explained that as China continues to open up its economy, its demand not just for fuel but also for LPG increases.

"The big increase in Chinas demand and the continuous LPG requirements of EU (European Union) countries from the Middle East, caused by the economic embargo of the EU to Russian oil and gas," he added.

Based on the latest price monitoring of the DoE in Metro Manila, an 11-kilogram tank of LPG costs P824 to P990, a 5-kilogram tank costs P409 to P510, and P190 to P300 for a 2.7-kilogram tank.

Spiraling costs of fuel have been a bane for Filipinos as for the third straight week, the pump prices of petroleum products are also expected to go up.

Industry sources said that the price per liter of diesel may go up from P0.60 to P0.80.

On the other hand, gasoline prices are expected to go up by P1.20 to P1.40 per liter.