The country’s oil firms raised gasoline and kerosene prices by P0.30 per liter and P0.25 per liter for diesel effective 6am Tuesday.
“Petron Corp. will implement the following price increases effective 6 a.m. on July 28: P0.30/li for gasoline; P0.25/li for diesel; and P0.30/li for kerosene. These reflect movements in the international oil market,” the company said in its advisory.
Aside from Petron, Pilipinas Shell Petroleum Corp., PTT Philippines, Seaoil Philippines, PetroGazz and Cleanfuel also raised pump prices while others are expected to follow suit.
Over the weekend, Unioil Philippines said diesel prices may go up by P0.20 per liter but gasoline prices may not move.
On July 21, the oil firms cut the price of gasoline by P0.10 to P0.20 per liter but increased the price of kerosene by P0.15 per liter for kerosene. There was no movement on the price of diesel.
Global oil price sentiments have been mixed in recent weeks as countries try to cope with the impact of the coronavirus pandemic.
Prior to the latest oil price hike, year-to-date adjustments stand at a net decrease of P5.07 per liter for gasoline and P12.84 per liter for kerosene. Diesel remained at a net decrease of P8.54 per liter.
Meanwhile, the Energy Department, in its latest report, said it continuously ensure that the Minimum Inventory Requirement for refiners (30 days supply of combined crude oil and finished products), bulk oil importers (15 days supply of finished products), as well as LPG importers without refining capacities (7 days supply) is met, especially during this time of pandemic.
In December 2019, the country’s inventory of crude oil and petroleum products stood at 51 days, equivalent to 24,263 thousand barrels (MB) or 3,857 million liters. The inventory consisted of 45 days of in-country stocks and 6 days of crude oil and petroleum products still in-transit.
As a result of the community quarantines, the inventory level as of July 13 grew higher as compared with end December level due to reduced oil demand from the slowdown in economic activity.
The July inventory consists of 61.9 days worth of crude oil and petroleum products, equivalent to 2,762 million liters (54.4 days onshore in-country stocks, and 7.5 days of crude oil and petroleum products still intransit).