Gasoline prices inch up on mixed signals
Local oil firms are raising gasoline prices slightly this week following mixed movements in the international oil market last week.
In an advisory, major oil player Shell said it raised gasoline prices by 10 centavos per liter effective at 12:01 a.m. Tuesday.
Another major player, Petron, and new player Seaoil had not formally announced their adjustments as of press time but were expected to make a similar adjustment.
Eastern Petroleum Corp. said in an advisory it increased gasoline prices by 10 centavos per liter starting at 6 a.m. Tuesday.
Oil firms Phoenix Petroleum, PTT Philippines and Total, among others, had not issued advisories but were expected to implement the same price hike.
Industry insiders said oil prices moved up in international trading in the first half of last week but dropped toward the weekend as demand failed to take off.
Since the Philippines is a net importer of petroleum products, most oil firms are exposed to similar factors (crude oil price, foreign exchange volatility, import levies, etc.) that affect fuel retail pricing.
Since January 2015 to date, adjustments for gasoline reversed back to a net increase of 76 centavos per liter while diesel is now at a net decrease of P2.64 per liter.
Household cooking gas LPG remains at a net decrease of P10.60 per kilogram.
Last week, oil firms implemented huge price hikes that virtually wiped out 11 straight weeks of rollbacks previously. The increases were P1.75 per liter for gasoline, P1.95 per liter for diesel, and P1.85 per liter for kerosene.—Riza T. Olchondra
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