PGI was organized on October 8, 1987 to primarily engage in the production and sales of industrial gases. Its humble beginnings may be traced in 1981 when Pryce Development Corporation (PDC), the mother company of the Pryce Group, entered into a management contract with the Central Luzon Oxygen and Acetylene, Co. Inc. (CLOACO) to provide management services to the latter. CLOACO was in the business of producing and selling Oxygen and Acetylene gases.
PGI started its operations in April 1988 with its first plant located at Phividec Industrial Estate, Mohon, Tagoloan, Misamis Oriental. There were two (2) plants installed in Mohon, one (1) oxygen plant and one (1) acetylene plant. These plants served the entire Mindanao and Visayas for two (2) years. In 1990, Davao plant was installed serving the whole Southern Mindanao. In 1994, PGI continued implementing its plant expansion program in the Visayas and Mindanao. Two (2) new oxygen plants arrived in the country in mid-1994. These plants were installed in new production facilities in Bacolod City and to expand plant capacity in Davao city.