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Pump prices set to go up Tuesday

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Pump prices set to go up Tuesday

/ 06:45 PM July 03, 2017

AP FILE PHOTO

Pump prices of oil products will go up on Tuesday after falling in the previous four straight weeks amid anticipation of lower output both here and abroad while demand is increasing.

Local oil firms are set to raise prices as early as midnight of Tuesday, with that of diesel rising by 70 centavos a liter and of gasoline by 30 centavos a liter.

As of press time on Monday, companies that gave notice of price hikes included Pilipinas Shell Petroleum Corp.; Eastern Petroleum Corp.; Flying V; PTT Philippines Corp.; Total Philippines Corp.; and Phoenix Petroleum Philippines Inc.

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Also, Shell and Flying V will raise kerosene prices by 55 centavos a liter.

Based on data from the Department of Energy, the latest price changes would bring prices of diesel in Metro Manila to the range of P26.60 to P33.81 a liter at the pump.

Gasoline prices would now be in the range of P36.20 to P47.11 a liter. Kerosene prices would now be at P30.36 to P42.08 a liter.

Melita V. Obillo, officer in charge-director of the DOE’s Oil Industry Management Bureau, said the uptick in prices comes amid continuing refinery maintenance across Asia.

“Drilling activities by American firms have also lessened while a recent strong storm (negatively) affected production in the United States,” Obillo told reporters.

In a report to the Philippine Stock Exchange, Shell on Monday confirmed that it was extending the ongoing scheduled maintenance shutdown of its refinery in Batangas beyond July 2 as initially planned.

Shell said an inspection of the facility in Tabangao and subsequent technical assessment showed that “certain equipment required more rigorous repair methods, and therefore more time, to ensure the continuing safety and reliability of the plant.”

“Our customers and stakeholders can rest assured that all necessary measures have been put in place to ensure the continuous supply of quality fuel products to the market,” the company added.

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TAGS: Eastern Petroleum Corp., Flying V, Oil Price Hike, Philippine news updates, Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., PTT Philippines Corp., Total (Philippines) Corp.
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