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.
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.
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.