3 oil firms raise petroleum prices

11:39 pm | Tuesday, August 28th, 2012

AP FILE PHOTO

MANILA, Philippines—Local oil companies have again jacked up prices of petroleum products starting Tuesday to reflect the continued uptrend in prices in the global market.

Pilipinas Shell Petroleum Corp., Petron Corp. and Seaoil Philippines have raised prices of diesel by 75 centavos per liter, kerosene by 60 centavos a liter, and of regular gasoline by 25 centavos a liter. At the same time, the oil firms have also cut prices of premium gasoline by 45 centavos a liter.

The price adjustments of Pilipinas Shell and Petron took effect on Tuesday while Seaoil is implemented its new pricing on Wednesday (August 29).

This latest round of oil price hikes was met with warnings of a possible “wave of protests” from the multisectoral group Coalition Against Oil Price Increases (CAOPI).

In a statement issued on Tuesday, CAOPI pointed out that the pump prices of petroleum products have already increased by around P8 per liter since the series of oil price hikes set off in the second week of July, following 13 successive price rollbacks.

According to the group’s own monitoring, the net impact of the price adjustments since January this year was an increase of P2.64 per liter for diesel and more than P2 per liter for gasoline.

CAOPI has thus reiterated its demand for the Independent Oil Price Review Committee (IOPRC) to release its findings on prices and excessive profits of oil players. It also called on Congress to act on pending bills that have sought to review, amend or repeal the Oil Deregulation Law.

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Tags: Business , Consumer Issues , Oil & Gas , Oil Deregulation Law , Oil Price Hike

divictes

We can protest until we’re hoarse and spent. It’s time we realize that oil companies are faceless and unfeeling. What we see and protest at are corporate logos. Now that sounds like praying to idols. Unless we do something to wean ourselves from guzzling fossil fuel derivatives, we will always remain in their tender mercies. An upgraded Biofuels Act would be a good start. The technology is available. Learn from Brazil.
gwenbot50

Si Energy Secretary Almendras palagi na lang sangayon sa pag pataas ng presyo ng mga oil companies, si abnoy naman palaging nag noynoying lang, palibhasa mga tuta ni nanding coquangco at ng mga mayayaman niyang supporter, halos wala ng pahinga sa pagtataasan ng presyo ng bilihin, kawawang mga pinoy kulang na kulang talaga ang sahod para sa araw araw na gastusin. Nakamali na naman, 6 years na naman na hirap at pagdusa.
Alloywheel1

In Canada, I was told, that gasoline prices changes about twice to three times a day; up or down. Gasoline stations within the vicinity, sometimes, have different prices (a cent or 2) per litter. Nobody protests. I was told, some of the consumers, delays loading their tanks or check the prices from the internet and buy their gas, even if the gas station is further down the road – if it’s worth it.
http://pulse.yahoo.com/_2SAS5EA3XCKC7Z3D7ODUHO2KFE lone ranger

thank you oil deregulation law, now oil companies can jack up the prices whenever they want to.
jopar

At what price did these oil companies bought their present inventory? Because for the last two days, prices of crude are down in the world market. Where is transparency here?

3 oil firms raise petroleum prices

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