Update: Oil Firms To Hike Gasoline, Diesel Pump Prices

Petron Corp., Seaoil Philippines Inc. (SPI) and PTT Philippines Corp. will hike diesel prices by Php 1.30 per liter and gasoline prices by Php 0.95 per liter on Tuesday.

The three firms will implement the new prices at 6:00 a.m., Feb. 23 to reflect price movement in the international petroleum market.

Petron Corp. and SPI will also hike kerosene prices by Php 1.30 per liter.

According to the Energy Department’s oil price monitor for Metro Manila as of Feb. 16, diesel prices range from Php 18.15-21.55 per liter. It has a common price of Php 20.85 per liter.

Gasoline prices, on the other hand, range from Php 29.90-37.70 per liter. It has a common price of Php 34.85 per liter.

For the year, diesel prices had a net decrease of Php 1.90 per liter and gasoline by Php 3.28 per liter.

Last week, international crude prices seesawed as markets became optimistic with indications from major producers to maintain their current production output from January.

Russia, Saudi Arabia, Venezuela, Qatar and Iraq gave conditional commitment for the planned cap.

Energy Secretary Zenaida Monsada further said last week that Iran might add to the prevailing glut, as it planned to hike its production to pre-sanction levels.

Iran was reported to have a production of around 4 million barrels per day, before the Western powers implemented sanctions against the country due to its decision to retain nuclear power plants. (PNA) RMA/JLD