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More oil firms join bandwagon, hike pump prices

The oil companies raised pump prices today, Tuesday, by P0.90 per liter of gasoline, P0.85 per liter of kerosene and P0.55 per liter of diesel to reflect the movement in world oil prices.

“Please be advised that Eastern Petroleum will hike the price of its diesel by P0.55 per liter and unleaded and premium gasoline by P0.90 per liter at 6 a.m., Tuesday,” Eastern Petroleum said.

Pilipinas Shell, Chevron Philippines, PTT Philippines, Phoenix Petroleum Philippines, and Seaoil Philippines also increased pump prices. 

In other developments:

• Senator Grace Poe on Monday urged the Transport department to distribute fuel subsidy cards to all recipients as only half out of a total of 171,836 jeepney franchise holders had been given the subsidies meant to cushion the impact of the Tax Reform for Acceleration and Inclusion or TRAIN Law.

Poe, who heads the Senate public services panel, said the allocated budget of P977 million in 2018 had not been fully used.

“Their success rate in case they have given [the fuel subsidy] is only 47 percent. Still, half has not yet been received,” Poe said in a radio interview.

• Senator Bam Aquino appealed to Malacañang to suspend the excise tax on fuel under the TRAIN Law, ahead of another round of oil price increases this week.

“I am appealing to President Duterte to suspend additional taxes on petroleum to help our people,” said Aquino, one of four senators who voted against the ratification of the TRAIN Law.

Unioil announced over the weekend that oil prices would likely go up this week.

“Expect fuel prices to go up next week. Diesel should go up by P0.50 to P0.60 and gasoline should go up by P0.80 to P0.90 per liter. Load up accordingly,” Unioil said in its advisory.

On Feb. 4 and 5, the oil companies cut pump prices by P0.60 per liter of gasoline, P0.35 per liter of diesel and P0.20 per liter of kerosene.

The latest monitoring from the Energy department showed that year-to-date adjustments stood at a net increase of P1.50 per liter of gasoline, P1.55 per liter of kerosene and P2.45 per liter of diesel.

The department said oil prices went up after the United States imposed sanctions on the state-owned Venezuelan oil company PDVSA.

The US banned both Venezuelan crude exports to the US and US exports to Venezuela through the sanctions.

World oil prices were also affected by the shutdown of oil refineries. China’s state-owned Sinopec will be shutting its 160,000 b/d Luoyang refinery in northern Henan province from April 20 for a 55-day maintenance.

Topics: Eastern Petroleum , Pilipinas Shell , Chevron Philippines , PTT Philippines , Phoenix Petroleum Philippines , Seaoil Philippines , Grace Poe
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