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Bacolod City, Philippines Tuesday, February 2, 2016
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Oil firms hike prices

MANILA -- After the 12-year low on oil prices last week, oil firms will hike pump prices today, pushed by international market prices caused by the strengthening of the US dollar.

In separate advisories, Pilipinas Shell Petroleum Corporation (PSPC), Phoenix Petroleum Philippines, PTT Philippines and Eastern Petroleum Corp. said they will hike pump prices of diesel by P1.05 per liter and gasoline by P0.45 per liter at 6 a.m. today.

Shell will also increase kerosene prices by P1.20 per liter.

Eastern Petroleum chairman and chief executive officer Fernando Martinez explained the price hike was due to the uptrend of oil prices in the global market.

He added analysts see "the geopolitical factors in the Middle East are playing a bigger part in the actual oil production" compared to the remarks of energy ministers.

According to the Department of Energy's oil monitor for Metro Manila, as of Jan. 26, diesel prices range P16.85-20.97 per liter, while having a common price of P18.25 per liter.

Gasoline, on the other hand, has a price range of P31.55-39.20 per liter. It has a common price of P36.50.

For the year, the total adjustment amounts to a reduction of P3.20 per liter for diesel and P1.60 per liter for gasoline.*PNA


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