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Sunday, April 21, 2024

Oil firms raise prices of gasoline, diesel

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The country’s oil firms raised the price of gasoline by P0.55 per liter and diesel by P0.15 per liter but cut the price of kerosene by P0.20 per liter effective 6 a.m. Tuesday.

Other oil firms are expected to follow suit.

“Please see fuel price advisory of Shell effective 6 a.m., Tuesday, April 14, 2020. Gasoline: P0.55/liter increase, kerosene: P0.20/liter decrease and diesel: P0.15 per liter increase,” Pilipinas Shell said in its advisory.

Oil prices went up following the decision of the Organization of the Petroleum Exporting Countries to cut down production by about a tenth of global oil supply.

“Expect fuel prices to go up next week [April 14, 2020 – April 20, 2020]. Diesel should go up around P0.20. Gasoline should go up around P0.45 – P0.50,” Unioil Philippines said over the weekend.

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 This, as OPEC and other nations such as Russia announced a production cut of about 10 million barrels per day to boost oil prices.

According to the report from the Energy department, Saudi Arabia called for an “urgent meeting” of the OPEC+ alliance and other producers to negotiate a deal on output cuts.

Saudi Arabia was able to export crude to Europe specifically France, The Netherlands, Poland, Greece and Spain although demand has remained week in north Asia as Japanese refiners are still mulling whether to increase crude oil purchases from Saudi Arabia and the UAE for May.

Prior to the latest oil price adjustment, year-to-date adjustments stand at net decrease of P15.07 per liter for gasoline, P14.09 per liter for diesel and P18.95 per liter for kerosene.

The oil companies implemented a price rollback of P0.35 per liter for gasoline, P0.70 per liter for diesel and P0.75 per liter for kerosene on April 7.

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