Oil firms hike prices anew

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.