Oil prices will likely go up by as much as P0.50 per liter this week, the second consecutive weekly price increase due to the movement of world prices.
“Expect fuel prices to go up next week. Diesel should go up by P0.50. Gasoline should go up by P0.10 to P0.20 per liter,” Unioil Philippines said.
On June 18, oil firms also raised the price of gasoline by P0.35 per liter, kerosene by P0.25 per liter and diesel by P0.20 per liter.
World oil prices continue to be affected by the ongoing US-China trade war and tensions in Iran.
As this developed, the consumer group Laban Konsyumer Inc. lamented the filing of petition for a temporary restraining order of certain oil companies on the unbundling circular of the Department of Energy.
“Disheartening. LKI reiterates that the DOE Circular is good start and good news for the consumers,” LKI president Victorio Dimaguiba said.
The Philippine Institute of Petroleum Inc., whose members include Pilipinas Shell Petroleum Corp., Petron Corp. Chevron Philippines and Isla LPG Corp., PTT Philippines and Total Philippines, has filea a petition for a TRO and/or preliminary injunction against the department circular.
Energy Secretary Alfonso Cusi signed the circular providing for the unbundling of petroleum product prices to improve price transparency among oil industry players on May 28.
The oil companies said the TRO is necessary to ensure to promote a market competition as the circular is contrary to the spirit of the Oil Deregulation Law of 1998.
DOE called on oil companies to itemize their costs, including the “industry take” or their profit.
“Consistent with the mandate of the Department of Energy on effective data-driven policymaking, as well as ensuring greater market transparency, we have amended our guidelines for the reporting of price adjustments by oil companies in the downstream oil industry in the Philippines,” Cusi said in the circular.
“In accordance with existing guidelines, oil companies will continue to report to the DOE any adjustments in the retail prices of gasoline, automotive and industrial diesel, kerosene, jet fuel and aviation gas, and household and automotive liquefied petroleum gas,” Cusi added.
The Energy chief said under the new guidelines, oil companies will also be required to report their “unbundled price adjustments” to include import costs, tax burdens, biofuel costs and other essential cost components that contribute to the changes in retail prices.
