Quantcast
Latest Stories

Oil firms hike prices anew

By

AFP PHOTO

MANILA, Philippines—For a third week in row, local oil companies raised the prices of petroleum products to reflect the continued uptrend in oil prices in the global market.

Pilipinas Shell Petroleum Corp., Petron Corp., Chevron Philippines and Total Philippines have raised prices of premium gasoline, diesel and kerosene by P1.20 a liter, and of regular gasoline by P1.10 per liter effective Tuesday, while independent player Phoenix Petroleum Philippines implemented an increase starting today (Wednesday).

Prior to this week’s price adjustments, diesel prices ranged from P40.35 a liter to P42.70 a liter as of Feb. 5, while gasoline retailed for P49.50 to P56.04 a liter.

Energy Secretary Carlos Jericho L. Petilla explained on Monday that that global oil prices are expected to continue their rally due to widespread global economic recovery and rising tensions in Middle East.

“The trend is that world prices are going up. Peso appreciation is not really enough to offset rising demand. [The increases in local pump prices] could have been worse if the peso is depreciating against the dollar. The crisis in the Middle East is also affecting oil prices,” Petilla earlier explained.

“Our consumption is very low that’s why we cannot dictate prices. We’re price takers, we have to follow the global oil pricing. We cannot negotiate with suppliers because [our consumption] is too small to affect prices unlike US or China. That’s why we are monitoring their progress,” he had said.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , Consumer Issues , oil

  • tanga_hanga_ni_abnoy

    starting today (Wednesday) ..tuesday pa lang ngayon..bukas nyo n lang ilabas tong news na to



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Seabed search for missing Malaysian jet to widen
  • Lacson rejects calls to name ‘pork’ execs
  • Obama due in Seoul as North Korea nuclear test fears grow
  • Hold departure order out vs Corona, Singson
  • Malaysia to release MH370 report–PM
  • Sports

  • Michael Phelps loses to Lochte in comeback meet
  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Corruption not invincible after all
  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • Global Nation

  • Filipinos second-shortest in Southeast Asia
  • China welcomes PH apology
  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • Marketplace