Oil price hike today

MANILA, Philippines — Motorists will have to pay more for gasoline and diesel today.

In separate advisories, Flying V, Petro Gazz, Petron Corp., Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., PTT Philippines, and Seaoil Philippines said their price adjustments take effect at 6 am today – P1.25 per liter for gasoline, P1.10 for diesel, and P0.75 for kerosene. Unioil said its price adjustments take effect at 6:01 am and Cleanfuel’s at 4:01 pm.

The price hikes are in step with the trend in the Mean of Platts Singapore (MOPS), the benchmark for local fuel products. MOPS is the daily average of all trading transactions of diesel and gasoline as assessed and summarized by Standard and Poor’s Platts, a Singapore-based market wire service.

This is the second week gasoline prices have increased, and the sixth for diesel and kerosene.

Meanwhile, some oil companies will start including in their prices this week the additional import duty on petroleum products.

The imposition of additional 10 percent duty on crude oil and refined petroleum products is based on Executive Order (EO) No. 113 signed by President Duterte to raise funds for its response efforts to fight the coronavirus disease 2019 (COVID-19).

“[The] additional cost on EO 113 will be implemented on a per station basis starting June 17 as acknowledged by DOE,” Pilipinas Shell said in its advisory.

The Department of Energy (DOE) earlier said the additional tariff would only apply to new stocks of oil imports.