Gas, diesel prices up anew

MANILA, Philippines — Another round of price hikes on fuel products will greet motorists today as a result of the continued peso depreciation against the dollar.

Most oil firms raised gasoline by 65 centavos per liter, diesel by 35 centavos per liter and kerosene by 45 centavos per liter.

This is the third consecutive week that a rate increase on petroleum products was implemented.

Flying V, Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines Inc., PTT Philippines Corp., Seaoil Philippines Inc. and Total Philippines Corp. implemented their respective price adjustments at 6 a.m. today.

Eastern Petroleum said it raised gasoline prices by 60 centavos per liter and diesel prices by P0.30 per liter also starting 6 a.m.

Meanwhile, Petron Corp. and UniOil Petroleum Philippines Inc. have yet to announce their price changes as of press time.

Reuters reported that Brent crude rose to near the $80 per barrel recently due to potential supply concerns from Venezuela and Iran.

But crude prices closed lower last week after Saudi Arabia and Russia were reported to be considering an increase in production ahead of a key Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna next month.

The spike in local prices was also due to the peso’s weakness. The peso closed last week at P52.70 to $1, its weakest in 12 years or since it closed at P52.745 to $1 on July 19, 2006.

To ease the impact of higher oil prices, Phoenix Petroleum said it is offering discounts of P5 off per liter on gasoline and P2 off per liter on diesel from May 29-30, 6 a.m. to 10 p.m. at select Phoenix Petroleum stations in Metro Manila.

“At Phoenix Petroleum, we put our customers’ needs first, which is why we are offering this promo to cushion the impact of price increases. Even better, our fuels are powered with Phoenix PULSE Technology – putting our fuels at par with the majors, but at a better value,” said Phoenix Petroleum COO Henry Albert Fadullon.

The promo is available on cash and credit card transactions, and will be implemented at select Phoenix stations in the provinces in succeeding weeks.