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Oil firms increase fuel cost by P0.50

OIL firms raised gasoline prices by P0.50 per liter, diesel by P0.15 per liter and kerosene by P0.20 per litter effective Tuesday, the third consecutive price increase for the month.

Phoenix Petroleum, Eastern Petroleum, Flying V and Seaoil Philippines issued separate advisories regarding the price increase while other oil companies are expected to similarly issue their respective advisories.

“Effective 8/30/16 12:01am, Flying  will implement price increase on the following: gasoline by 0.50 per liter, biodiesel by 0.15/ltr and kerosene by 0.20/ltr,” Flying V said.

An Energy Department official said  the prices continued to go up due to speculations regarding a possible production cut during the Organization of Petroleum Exporting Countries or OPEC and non-OPEC meeting this month.

Last August 23, the oil firms also raised pump prices, specifically diesel and kerosene, by P1.45 per liter and gasoline by P1.35 per liter to reflect the movement in the international oil market.

Analysts are eagerly anticipating the results of the planned meeting by OPEC and non-OPEC members at the sidelines of an energy conference in September.

Oil prices also went up last August 16 by P0.55 for gasoline, P0.70 for diesel and P0.65 for kerosene.

Diesel prices in Metro Manila currently range from P25.40 to P31.45 per liter while gasoline sells from P35.50 to P45.05. Kerosene, meanwhile, sells from P28.75 to P39.95 per liter.

Pump prices vary depending on the brand, location of the station and market forces.

Topics: Oil firms , Increase fuel cost
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