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Tuesday, July 23, 2024

Firms hike prices on fuel products by at least P0.95/l

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The country’s oil firms hiked pump prices by as much as P1.30 per liter effective 6 a.m. today (Tuesday) to reflect the movement of prices in the world oil market.

“Petron will implement the following price increases effective 6 a.m. on October 24: P0.95 per liter for gasoline; P1.30 per liter for diesel and P1.25 per liter for kerosene. These reflect movements in the international oil market,” the oil company said.

Phoenix Petroleum, Cleanfuel, PTT Philippines, PetroGazz, Seaoil Philippines, and Jetti Petroleum also issued advisories of the latest oil price movement.

Department of Energy director for the oil industry management bureau Rodela Romero said last week world oil prices continued to be volatile.

Factors include Iran’s appeal to the Organization of the Petroleum Exporting Counties for an oil embargo on Israel and increased tensions due to the bombing of a hospital in Gaza.

On Oct. 10, oil companies implemented a price rollback of P3.05 per liter for gasoline, P2.45 per liter for diesel, and P3 per liter for kerosene.

These price adjustments resulted in a year-to-date net increase of P12.25 per liter for gasoline, P11.35 per liter for diesel, and P5.94 per liter for kerosene.

Meanwhile, DOE reported that the country’s net oil import bill amounted to $8.164 billion in the first half of the year, posting a 17 percent decline from $9.835 billion in the same period last year due to lower oil prices.

Total petroleum demand increased by 3.4 percent to 13,595 million liters (ML) from 13,154 ML as economic activities normalized.

Petron Corp. captured 23.19 percent of the petroleum demand, followed by Shell at 15.55 percent, and Chevron Corp. at 4.4 percent. Other players captured 51.55 percent.

Among the other players, Unioil has the highest share followed by Seaoil, Insular, Jetti, and Liquigaz.

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