Oil Price Increase in the Philippines

By Marie S. Neri

Two independent oil players raised prices of their petroleum products by P1 per liter as a result of hikes in crude prices in the international market.

Phoenix Petroleum said the P1 per liter hike in the price of diesel, gasoline and kerosene would take effect at 12:01 a.m. Wednesday.

Seaoil, on the other hand, enforced the price adjustment since 6 a.m. Tuesday.

As of Jan. 8 Dubai crude was pegged at US$ 80 per barrel, higher than the US$ 75 per barrel average for the month of December.

Unleaded gasoline also hit US$ 89 per barrel this month as compared to US$ 82 per barrel last month while diesel reached US$ 88 per barrel as against the US$ 82 per barrel in December.

Price surveillance conducted by the Department of Energy showed that unleaded gasoline are sold between P41 and P45 per liter, diesel at P32 to P35 per liter and kerosene at P40 to P45 per liter.

Flying V, one of the country’s leading independent oil player was the first to implement the price adjustment.

Other oil companies including oil giant Pilipinas Shell Petroleum Corp., Petron Corp., and Chevron Philippines are expected to follow suit. (PNA)

Leave a Reply