Fuel firms hike pump prices anew

MANILA, Philippines - For the second time this month, oil companies raised fuel prices again affective 6 a.m. yesterday.

In separate advisories, fuel firms raised pump prices by P0.20 per liter for gasoline and P0.30 per liter for diesel.

The latest price hikes are in accordance with movements in the global crude market.

“PTT Philippines will increase pump prices of gasoline by P0.20 per liter and diesel by P0.30 effective 6 a.m.,” PTT, the local subsidiary of Thailand’s biggest oil firm, said in its advisory issued Monday night.

Petron Corp., the country’s biggest oil refiner, issued a similar advisory.

“Petron will implement the following price increases (VAT inclusive) effective 6 a.m., June 17: P0.20 per liter for gasoline, P0.30 per liter for kerosene and P0.55 per liter for kerosene. This reflects movements in the international oil market,” it said.

Other oil firms such as Pilipinas Shell Petroleum Corp., Seaoil Philippines and Phoenix Petroleum Philippines also increased their pump prices.

“Phoenix Petroleum Philippines increased the prices of gasoline by P0.20 per liter and diesel by P0.30 per effective 6 a.m. of June 17 to reflect the increase in the prices of refined petroleum products in the international market,” Phoenix said.

In its latest oil price monitoring report, the Department of Energy noted that the demand for gasoline was steady to higher going into July amid the increase in supply after refineries underwent maintenance.

With the price increase, gasoline prices are now P49.70 to P56.40 per liter and diesel at P40.88 to P44.55, said DOE’s latest oil price monitoring report.