MANILA, Philippines – Oil companies are set to impose another big-time oil price hike next week.
This means an additional P2.00/L will be imposed on the price of gasoline and more than P1.00/L on other fuel products.
Should the big-time price hike push through, the price of gasoline will increase by P2.35/L.
The price of diesel will be up by P1.80/L and kerosene will mark up by P1.75/L.
The Department of Energy (DOE) said the price hike was in relation to the recent bombing at two large oil facilities in Saudi Arabia.
The incident pushed oil prices up in fear of supply shortage.
In a statement, however, Energy Secretary Alfonso Cusi said that consumers have no reason to panic because Saudi Arabia has assured to recover their oil supply to normal at the soonest possible time.
“Hindi makikiusap ang DOE sa mga kumpanya ng langis na utay utayin ang dagdag presyo sa petrolyo sa susunod na linggo (The DOE will not ask oil companies for a gradual price hike next week),” Cusi said.
“Let market forces dictate kasi inaasahan namang babalik na sa normal ang produksyon ng langis ng Saudi Arabia kasunod ng bombing (because it is expected that oil supply will return to normal following the blast in Saudi Arabia),” he added.
The DOE assured also that the country’s oil supply is enough to last for 30 days.
Cusi said they are keen on recommending the suspension of excise tax on oil in case oil prices soar as a result of the blast in Saudi Arabia’s oil facilities. — MNP (with details from Mon Jocson)
MANILA, Philippines – The price of gasoline will have a price rollback of P1.45 per liter this week, according to industry players.
Meanwhile, a P0.60 per liter price cut for diesel and a P1 cut per liter for kerosene also takes effect.
So far, the oil companies that already advised on price cuts include Pilipinas Shell Petroleum Corporation, Seaoil, PetroGazz, PTT Philippines, Total, Chevron and Unioil effective on Tuesday (October 1).
Cleanfuel on Sunday (September 29) have already rolled back its prices by P1.50 per liter for gasoline and P0.50 per liter for diesel.
Meanwhile, an additional P4 to P5 per kilogram increase in the price of liquefied petroleum gas (LPG) will also be imposed.
The effect of the price increase, however, is yet to manifest in retail markets, according to oil companies.
With this, the pick-up price of cooking fuel will have an additional P44 to P55 per 11-kilogram cylinder.
The price adjustments come on the heels of the drone attacks on two large oil facilities of Saudi Aramco which specifically affected the price of Dubai crude and prompted global oil prices to soar to over US$67 per barrel.
UNTV is a major TV broadcast network with 24-hour programming. An Ultra High Frequency station with strong brand content that appeal to everyone, UNTV is one of the most trusted and successful Philippine networks that guarantees wholesome and quality viewing experience.