The country’s oil firms are increasing domestic pump prices by P0.25 per liter for diesel and P0.15 per liter for gasoline effective Tuesday to reflect the movement of world oil prices.
“Phoenix Petroleum Philippines will increase the prices of gasoline by P0.15 per liter and diesel by P0.25 per liter, effective 6 am of Aug. 14,” the oil firm said.
The companies did not move kerosene prices.
Other oil firms raising prices were PTT Philippines, Seaoil Philippines, Eastern Petroleum and Flying V, while other companies are expected to follow.
World prices went up on optimism over United States sanctions against Iran, amid sanctions imposed on Russia.
On Aug. 7, oil firms cut pump prices by P0.10 per liter for both diesel and gasoline.
The Department of Energy, meanwhile, has ordered oil companies to provide Euro-II compliant automotive diesel oil to help reduce fuel prices.
In a memorandum order, the department said this was pursuant to existing Philippine National Standards on Diesel Fuel Quality and in accordance with the provisions of Republic Act 8479, the Downstream Oil Deregulation Law, and Republic Act 8749, the Philippine Clean Air Act.
“For the purpose of reducing the impact of rising petroleum prices in the world market, all industry players are hereby directed to provide at the retail level Euro-II compliant automotive diesel oil as a fuel option for the transport and industrial customers,” the order added.
It also directed oil companies offering Euro-II compliant diesel to submit a monthly compliance report, indicating the list of participating retail outlets.
Energy Secretary Alfonso Cusi said the sale of this diesel will be closely monitored by the DOE.
Cusi, meanwhile, sought to address slowing growth and high commodity prices by tapping state-run Philippine National Oil Company-Exploration Corp. to import low-priced fuel.
PNOC-EC acquired last December a trading function to generate added income for the government.
“PNOC-EC will source low-priced petroleum products particularly diesel, to mitigate the impact of volatile oil prices,” Cusi said.
The measure is expected to tame the prices of basic commodities, thus controlling inflation. The resulting price relief would ease the plight of consumers.
Under the project, the trading function of PNOC-EC will be employed in acquiring low-priced fuel, which will mainly come from state deals.
The PNOC-EC board, chaired by Cusi, is drafting the trading procedure and policy safeguards for the public on the proposed importation.
The products bought at a special price will be made available to dealers, operators and independent petroleum players under an agreement.