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Another oil price hike seen next week

by UNTV News   |   Posted on Friday, March 22nd, 2019

Motorists may have to shell out more money next week as local oil firms announce another possible round of price hikes.

Oil Industry Players estimate the price of gasoline to increase by P0.70 to P0.75 per liter and diesel by P0.10 to P0.15 a liter.

If it pushes through, this would be the seventh consecutive week that local pump prices have increased. – Robie de Guzman

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Oil price hike set for April 16

by UNTV News   |   Posted on Monday, April 15th, 2019

A gas station attendant uses a fuel nozzle to fill up a car tank

Several oil companies in the country are set to impose fuel price hikes for the second consecutive week to reflect the movement in the international market.

Oil industry players said the price of gasoline will go up by P1.05 per liter, diesel by P0.75 while kerosene by P0.60 a liter.

The upward adjustment in local pump prices will take effect on Tuesday, April 16.

Among the companies that announced a new round of oil price increases are Petron, Petro Gazz, Seaoil, Phoenix Petroleum, Eastern Petroleum and Jetti.

Last week, oil firms increased the price of diesel by P0.20 a liter, gasoline by P0.25 and kerosene by P0.10 each liter.

The Department of Energy said the fuel price hikes came as crude oil prices in the international market climbed to $70 per barrel last week.

Current oil prices are also affected by the effort of Petroleum-exporting countries to reduce output to prevent excess supply from increasing. – Robie de Guzman

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Oil prices likely to go up again next week

by UNTV News   |   Posted on Saturday, April 13th, 2019

Local oil prices will likely increase anew next week to reflect the movement of prices in the international market.

Oil industry players estimate that the price of gasoline will increase by P0.90 and diesel by P0.70 each liter.

However, this amount may still change as there are still a few trading days left for this week.

Last April 9 (Tuesday), oil firms increased the price of diesel by P0.20 a liter, gasoline by P0.25 and kerosene by P0.10 each liter.

The latest pump price hike followed a rollback that put an end to the seven straight weeks of oil price increase. – Robie de Guzman

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Oil prices to increase on April 9

by UNTV News   |   Posted on Monday, April 8th, 2019

Local pump prices will increase anew this week to reflect the movement of prices in the international market.

According to oil industry players, the price of gasoline will increase by P0.25 per liter, diesel by P0.20 and kerosene by P0.10 a liter.

The fuel price increase will take effect on Tuesday (April 9).

Last week, the country’s oil firms slashed the price of diesel by P0.30 per liter, kerosene by P0.20 and gasoline by P0.10 a liter.

The rollback put an end to the seven straight weeks of oil price increase.

Based on the monitoring of the Department of Energy (DOE), the current trend of fuel prices is due to the efforts of the Organization of Petroleum Exporting Countries and non-affiliated allies to trim output as well as the plunging Venezuelan output.

Meanwhile, the DOE is still finalizing the rules on the proposal to unbundle local oil prices to promote transparency in the industry.

Under the proposed policy, local oil companies will be required to disclose the breakdown of the costs to determine how they decide on their prices.

DOE said that once the circular is finalized, oil companies will have to submit their weekly data, including the prices in world market, refining, retailing cost, taxes and duties and profit margin. – Robie de Guzman

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