Gas, LPG prices up anew; diesel, kerosene down

MANILA, Philippines — Oil companies are raising gasoline and liquefied petroleum gas (LPG) prices but reducing diesel and kerosene prices following global market trends.

Gasoline prices will increase by P1.15 per liter while diesel prices will decrease by P0.35 per liter and kerosene by P0.30 per liter today.

Most oil players are implementing the price adjustments at 6 a.m. Chevron Philippines Inc. announced adjusting its prices at 12:01 a.m. and Cleanfuel at 4:01 p.m.

Last week, world crude prices continued to spike due to tight supply and strengthening fuel demand, Reuters reported.

On Thursday, global prices dipped over concerns about US growth and speculation that Iran’s supply could come online following nuclear talks with world powers, the wire service reported.

But Reuters said oil prices rebounded at the close of trading week on hopes that the Organization of Petroleum Exporting Countries, Russia and their allies, known as OPEC+, would maintain production cuts.

Before the upcoming price changes, year-to-date adjustments stand at a net increase of P20.80 per liter for gasoline, P18.45 per liter for diesel and P16.04 per liter for kerosene.

Meanwhile, LPG prices increased at the start of the month.

In its advisory, Petron said it implemented a P3.10 per kilogram increase (VAT-included) in LPG prices while AutoLPG prices would also increase by P1.73 per liter.

“These reflect the international contract price of LPG for the month of November,” it said.

Other retailers have yet to announce their respective price adjustments.

Current prices of 11-kilogram household LPG range from P861.40 to P1,076.40 per tank in Metro Manila.

Local retailers track the monthly price benchmark set by Saudi Arabia’s state-owned oil company Saudi Aramco.

This month, it raised propane prices from $800 per metric ton to $870 per MT and butane prices from $795 per MT to $830 per MT.

Nuclear power plants

In a related development, Sen. Panfilo Lacson is backing proposals for the Philippines to put up safe nuclear power plants to help cushion the effects of rising oil prices and the volatile output of some renewable energy sources.

Lacson made the statement at the recently concluded “Meet the Presidentiables” forum, where he laid out what he called future-proof economic strategies for the Philippines once he gets elected to lead the country next year.

The presidential aspirant was asked if he would be amenable to the operation of nuclear power plants in the future, as other countries have been, to address potential surges in electricity demand by households and industries while reducing reliance on fossil fuels.

“Nuclear? Yes. Provided all the safety measures are in place, then, why not? Because other countries are into nuclear power plants or putting up nuclear power plants,” Lacson said.

“Because of our experience in the Bataan Nuclear Power Plant, it was taken negatively. But we should take a second look at this opportunity to reopen, provided all the safety measures are in place,” he added.

Despite earning mixed to generally negative reviews among stakeholders over the years, nuclear energy remains one of the popular ways to generate maximum electricity at relatively lower cost to consumers, he said.

Unlike coal-based power plants and other non-renewable energy sources, nuclear reactors do not pollute the air or emit greenhouse gases.

However, they produce extremely toxic radioactive waste materials in the process that are challenging to manage and contain. – Paolo Romero