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Prices of diesel, gasoline, kerosene to increase May 21

/ 01:37 PM May 20, 2019
Prices of diesel, gasoline, kerosene to increase May 21

AFP FILE PHOTO

MANILA, Philippines — Pilipinas Shell will raise pump prices of diesel by 80 centavos per liter, gasoline by 90 centavos, and kerosene by 75 centavos at 6 a.m. Tuesday, May 21.

Petron, the only other oil refiner in the Philippines aside from Shell, as well as other retailers, are expected to follow suit.

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The price of Dubai crude oil, the benchmark for Asian markets, has been climbing steadily since May 13 to reach $71.15 per barrel on March 16 after dropping to a six-week low of $61.41 per barrel on May 7.

So far this year, diesel prices have gone up 13 times and down five times, for a net increase of P6.20 per liter since January.

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Including additional excise and value-added taxes, diesel prices has risen by a total of P8.44 per liter – more than twice the P3.05 per liter increase for the whole of 2018.

Also, gasoline prices have gone up 16 times and down five times, for a net increase of P7.55 per liter since January.

With the added taxes, the increase for gasoline has reached P9.79 per liter – more than five times last year’s P1.77 per liter.

Oil prices have seen a rally since the end of 2018 when the Organization of Petroleum Exporting Countries (OPEC) as well as non-OPEC producers agreed on a new round of production limits in an effort to limit the global surplus.

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