Fuel, LPG prices up again Tuesday
MANILA, Philippines–Local oil firms are implementing a new round of increases for motor fuel and liquefied petroleum gas (LPG).
Petron, Shell, Chevron, Seaoil, Phoenix Petroleum, Eastern Petroleum, PTT Philippines, TOTAL and others are set to raise pump prices by 95 centavos per liter for gasoline, 65 centavos per liter for diesel and 50 centavos for kerosene beginning Tuesday, industry sources said.
On LPG, Petron said it implemented a 20-centavo per kilogram increase on an 11-kg LPG tank and 11 centavos per liter on AutoLPG from May 1.
Other LPG retailers are expected to implement similar price adjustments.
Oil firms are expected to make the same adjustments since almost all the fuel retailed in the country is imported and therefore subject to similar market conditions.
Excluding this week’s adjustments, the price of gasoline has risen by P3.07 per liter while diesel has increased by 39 centavos per liter since January.
Oil prices seem to be returning to their former levels, according to industry analysts. Last year, the sharp oil price fall from $100 to below $80 hit small US oil producers who needed at least $80 per barrel to be profitable. Oil prices appear to be at the $82 per barrel level again, according to reports.
The US drilling rig count has fallen to its lowest level since 2010, and oil companies have laid off thousands of workers, contributing to a 3.4-percent decline in overall business investment in the first quarter.
