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Thursday, April 25, 2024

New oil price hike: P1.25 per liter

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The country’s oil firms raised pump prices anew effective 6 am Tuesday by as much as P1.25 per liter to reflect the movement of prices in the world oil market.

The oil firms raised the price of diesel by P1.25 per liter, kerosene by P1.10 per liter, and gasoline by P0.75 per liter, triggering the third consecutive weekly oil price hike for gasoline the month of February.

“Petron will implement the following price increases effective 6 a.m. on Feb. 16: P0.75/li for gasoline; P1.25/li for diesel; and P1.10/li for kerosene. These reflect movements in the international oil market,” Petron Corp. said in its advisory.

Aside from Petron, other oil firms also raised pump prices such as Seaoil Philippines, Pilipinas Shell Petroleum Corp., Chevron Philippines, PTT Philippines, PetroGazz. among many others.

Over the weekend, Unioil Philippines said pump prices would likely increase this week.

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“Diesel should increase by P1.20 to P1.30 per liter. Gasoline should increase by P0.70 to P0.80 per liter,” Unioil Philippines said.

On February 9, the oil firms raised the price of gasoline by P0.85 per liter, diesel by P1.10 per liter and kerosene by P1 per liter.

On February 2, the oil firms raised the price of gasoline by P0.25 per liter but cut the price of kerosene by P0.25 per liter. The oil firms did not move diesel prices.

According to the Department of Energy (DOE), world oil prices continued to complied due to the commitment of producers to hold back crude supply and positive signs of economic growth in the United States.

Oil prices was also given a boost as coronavirus infection rates were seen easing in several countries, helped along by the rollout of vaccines, and fuelling positive demand sentiment.

At the same time, DOE said the oil market is bullish amid signs the pandemic was starting to ease globally, spurring confidence among investors about the macroeconomic climate.

Meanwhile, Senate Bill No. 1955 or the proposed LPG Act, a bill streamlining existing laws and regulating the domestic liquefied petroleum gas (LPG) industry to ensure consumer welfare against the rampant industry malpractices and provide consumer choice has been approved on third and final reading in the Senate, said Senator Sherwin Gatchalian.

Gatchalian noted the lack of any existing regulatory framework to oversee the domestic LPG industry even in the wake of LPG-related accidents that resulted in the loss of lives, limbs and properties as shown in the explosion that occurred in the Serendra condominium complex in Taguig City in 2013, in a water refilling station in Sampaloc in 2019 and the most recent, in a Makati restaurant.

The Energy Committee Chairman emphasized that safety is crucial because LPG is a highly flammable and an explosive fuel that poses a major fire hazard if not stored or handled properly. 

The Proposed National Energy Policy and Regulatory Framework for the Philippine LPG Industry seeks the establishment of the LPG Cylinder Improvement Program to ensure that unsafe cylinders will be immediately taken out of circulation and replaced with new ones to significantly decrease LPG-related explosions and fires. 

Likewise, the measure intends to institutionalize the Cylinder Exchange and Swapping Program, allowing consumers to shift to another brand of LPG by bringing any empty LPG cylinder to any retail outlet.

Several versions of the bill has been introduced as early as 2004 in hope of instituting a national energy policy and regulatory framework to govern the importation, refining, refilling, transportation, conveyance, distribution and marketing of LPG as well as the manufacture, requalification, exchange and swapping of LPG pressure vessels.

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