Oil companies see possible big time oil price hike next week

Aileen Cerrudo   •   September 20, 2019   •   276

The estimated oil price hike may increase by over P2 per liter, bringing the price of diesel to P1.80/liter from P1.60; and gasoline to P2.30/liter from P2.10.

Meanwhile Albay Rep. Joey Salceda calls on oil companies not to exploit the attacks on Saudi Arabia just to increase oil prices in the country.

On Wednesday (September 18), Salceda said oil companies should justify any oil price increase.

“I think they have to prove to the public that they bought oil at those prices. They are taking advantage of this predisposition toward panic,” he said.

Meanwhile, The Department of Energy (DOE) has assured there is enough oil supply in the country which will still last up to 30 days.

The Energy Department is also prepared to recommend the suspension of excise tax in oil due to the incident.—AAC (with reports from Mon Jocson)

Oil companies set price adjustments on Oct 15

Aileen Cerrudo   •   October 15, 2019

A Filipino motorist (L) counts money as an attendant refuels his vehicle at a gasoline station in Mandaluyong City, east of Manila, Philippines. EPA/ROLEX DELA PENA

Oil companies have implemented price adjustment effective on October 15.

Diesel and kerosene prices will have a rollback of ₱0.10 and ₱0.40, respectively, while gasoline prices will go up by ₱0.25.

Oil firms including Flying V, PetroGazz, Phoenix Petroleum, Pilipinas Shell Petroleum Corp. and PTT Philippines have already implemented the said price adjustments on Tuesday at 6:00 a.m. —AAC

Another oil price rollback set next week

Aileen Cerrudo   •   October 4, 2019

Industry players are set to implement an oil price rollback next week due to the increase of fuel supply in oil exporting countries.

Diesel prices are estimated to drop from P0.85-P1.10 per liter while gasoline prices are estimated to drop from P0.75-P1.00 per liter.

For this year, there has been a net increase of P10.04/L in gasoline, P8.04/L in diesel, and P.4.87/L in kerosene.

There have been 14 oil price rollbacks implemented this year.—AAC (with reports from Mon Jocson)

Gatchalian calls for DOTr update on fuel subsidy status amid oil price adjustments

Robie de Guzman   •   October 1, 2019

A Filipino gas attendant pumps fuel into a motorcycle at a gasoline station in Manila, Philippines. EPA/ALANAH M. TORRALBA

MANILA, Philippines – Senator Sherwin Gatchalian has urged the Department of Transportation (DOTr) to ensure that public jeepney drivers and operators will get complete fuel subsidies this year under government’s Pantawid Pasada Program (PPP) amid adjustments in oil prices.

“We want to urge the DOTr to ensure that all legitimate franchise holders would be able to get their vouchers on time,” Gatchalian said in a press statement.

“Give us an update on that kasi may mga price adjustments later on and we want to know if the Pantawid has been fully implemented as of this point,” he added.

The senator raised the issue during the recent Senate inquiry on the security plan of the Department of Energy following drone attacks that damaged key facilities of the Saudi Arabian Oil Company (ARAMCO) earlier this month.

The attacks contributed to the recent spike in local fuel prices. Last week, gasoline prices increased by P2.35 per liter, diesel by P1.80 and kerosene by ₱1.75 a liter.

This week, local oil companies have announced a price rollback on their petroleum products.

The PPP was launched in July 2018 in an aim to mitigate the impact of fuel price increases due to the imposition of excise taxes under the Tax Reform Acceleration and Inclusion (TRAIN) law.

From the initial P5,000 in 2018, the amount of the subsidy rose to P20,514 in 2019.

However, Gatchalian noted that only 87,000 of the intended 173,000 beneficiaries nationwide have received their fuel cards last year during a time when oil prices and inflation were rapidly peaking.

The lawmaker said that the poor distribution of the PPP last year meant a lot of public utility drivers were not able to avail of the fuel subsidies that they were entitled to.

Gatchalian has asked the DOTr to submit its latest data on the fuel subsidies to determine whether it is on-track in achieving the 100 percent distribution of the fuel cards.

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