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Sunday, April 21, 2024

Oil firms raise gasoline, diesel prices

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The country’s oil firms raised gasoline and diesel prices by P0.60 per liter and P0.10 per liter, respectively effective 6 a.m. Tuesday to reflect the movement of oil prices in the world market.

Pilipinas Shell Petroleum Corp., Seaoil Philippines, PTT Philippines, Cleanfuel and PetroGazz and Phoenix Petroleum Philippines issued separate advisories on the latest oil price movement.

“Please see fuel price adjustments of Shell effective 6AM, Tuesday, Aug. 18, 2020. Gasoline: P0.60 per liter increase; kerosene: nochange; diesel: P0.10 per liter increase,” Shell said in a statement.

Last August 11, the oil companies increased the price of gasoline by P0.25 per liter while both diesel and kerosene have decreased by P0.20 per liter and P0.35 per liter, respectively.

Prior to Tuesday’s latest oil price movement  total year-to-date adjustments to stand at a net decrease of P4.77 per liter for gasoline, P8.79 per liter for diesel and P13.04 per liter for kerosene.

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The US-China trade conflict and the ongoing impact of the coronavirus

pandemic on global markets have affected the movement of world oil prices.

In the Philippines, Pilipinas Shell was forced to shut down 110,000 barrels per day refinery as world oil prices continued to plunge.

Pilipinas Shell is converting its refinery to a world-class oil import terminal.

Both Pilipinas Shell and Petron Corp., which also owns a 180,000 barrels per day refinery have announced billions of pesos of losses in the first half due to the impact of COVID-19.

Petron earlier said Dubai crude collapsed by almost 70 percent or $44 per barrel from January to April wherein oil price fell to as low as $13 per barrel in the daily trading.

Petron president Ramon Ang, however, is optimistic of better figures in the second half as the economy slowly recover. Petron vowed to restart its refinery by September.

“The company forecasts modest gains from inventory of about P3.5 billion in the second half of the year as prices start to recover. As the economy slowly reopens, we will need to find new ways to adapt to these new and unprecedented economic realities and remain resilient.

Just as we have survived many hardships in the past, we know we can rely on our strong corporate culture to pull us through this most challenging period,” said Ang.

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