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
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)
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.