Oil Firms Hike Gasoline, Diesel Prices Tuesday

(PNA) – Most oil companies will enforce a big-time price hike of Php 1.75 per liter on gasoline and Php 1.95 per liter on diesel effective Tuesday.

Seaoil Philippines Inc., Phoenix Petroleum Philippines, PTT Philippines and Petron Corp. said in separate advisories Monday they would boost gasoline prices by Php 1.75 per liter and increase diesel prices by Php 1.95 per liter.

Eastern Petroleum Corp., on the other hand, said it woulld hike gasoline prices by Php 1.70 per liter and diesel by Php 1.90 per liter.

SPI will apply the price changes at 12:01 a.m. Tuesday, while Eastern Petroleum, Phoenix Philippines, PTT Philippines and Petron Corp.’s new rates will take effect at 6 a.m.

SPI and Petron added they would also increase their kerosene prices by Php 1.85 per liter.

Meanwhile, Eastern Petroleum explained the price hike was caused by the supply cut from oil exporting countries due to the low demand.

The oil company added analysts are hoping — that with the latest oil price rebound — global oil prices had already hit its lowest price. An oil glut has caused the constant decrease in prices for the past nine weeks, which was mainly triggered by shale oil producers that started last year.

“Analysts are hopeful that world oil prices have already seen its bottom price, while maintaining that the volatility in world oil prices would remain for the rest of the year,” it added.

According to the Energy Department’s oil price monitor, diesel prices are currently playing between Php 23.10-26.77 per liter, with a common price of Php 23.95 per liter.

Gasoline, on the other hand, has a price range of Php 35.40-41 per liter. It has a common price of Php 40.20 per liter. (PNA) RMA/JLD