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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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Meralco rates to increase this April

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

MANILA, Philippines – Power consumers would have to pay more for their April electricity bills as the Manila Electric Company (Meralco) has announced an increase in its rates by P0.063 per kilowatt-hour (kwh).

This translates to an additional P12.60 for a household that consumes 200 kwh a month and as much as P31.50 for those using 500 kwh per month.

Meralco attributed it primarily to higher charges in the wholesale electricity spot market (WESM); weakening peso against dollar exchange; and higher generation charges.

Although the rate hike is considered minimal, the utility company still urges households to conserve energy by unplugging unused gadgets and to use their appliances efficiently.

The power rate hike announcement comes amid a series of yellow alert status on supply in the Luzon grid.

Yellow alert is the second highest alert being declared by the National Grid Corporation of the Philippines (NGCP) when power supply thins due to increased demand.

On Monday (April 8), the NGCP has placed Luzon grid on yellow alert from 2 p.m. to 4 p.m., the sixth day since Monday last week.

The grid’s current available capacity is only 11,267 megawatts (MW) compared to the peak demand of 10,438MW.

The Department of Energy said upticks in prices in the spot market have been observed last week as a result of the thinning of Luzon power supply.

Meralco has indicated that the yellow alert will have an impact on its overall rates for May but it has yet to determine the exact amount.

“So the whole week last week, we have five days of yellow alert and then today we have another yellow alert. So, that will affect spot market prices once more which may affect generation charge,” said Meralco Utilities and Economics Head, Larry Fernandez.

The power distributor also assured its interruptible load program is ready in case the Luzon grid reserves further decline. – Robie de Guzman (with details from Mon Jocson)

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