With the country still convulsing in election fever, oil companies are jacking up their pump prices anew with the usual excuse of “movements in the world oil market.”
Seaoil Philippines announced an oil price hike of P5.85 per liter for kerosene and P4.20 per liter for both gasoline and diesel effective today.
Petro Gazz and Cleanfuel also raised pump prices although the specific amounts were not immediately disclosed. Other companies were expected to follow suit.
The expected hefty increases in oil prices ostensibly reflected the continuing volatility of world oil prices driven by the Ukraine-Russia armed conflict and the increasing demand from China due to the re-opening of businesses with the relaxation of COVID-19 restrictions.
Dubai crude reached an average of $95.6 per barrel from January to March this year due to ‘geopolitical tension and supply concerns” triggered by the war between Russia and Ukraine, according to Petron Corp.
On May 3, the oil companies implemented a minimal price rollback of P0.65 per liter for gasoline and P1.10 per liter for both diesel and kerosene.
These resulted in year-to-date adjustments to stand at a net increase of P17.80 per liter for gasoline, P30.30 per liter for diesel, and P23.90 per liter for kerosene, based on data from the Department of Energy (DOE).
Meanwhile, the DOE said 99.8 percent of 10,802 Liquid Fuel Retail Outlet (LFRO) facilities were operational yesterday as the whole country was busy with the national and local elections. May 9.
Those not operational were attributed to renovation, restoration, and repair of damages caused by past calamities.
The DOE also said 68 percent of the 50 import terminals were operational, while other terminals suspended gantry operations to give their personnel a one-day leave to go home and cast their votes.