Pump prices rise amid talk of oil output cuts, virus fears

The oil distributors raised pump prices by P0.35 per liter of kerosene, P0.30 per liter of gasoline and P0.20 per liter of diesel effective 6 a.m. today, Tuesday.

Pilipinas Shell Petroleum Corp., PTT Philippines, Seaoil Philippines, Total Philippines, Phoenix Petroleum Philippines and PetroGazz made the adjustments while the other companies were expected to follow suit.

“Please see fuel price adjustments of Shell effective 6 a.m. Tuesday, Feb. 25. Gasoline increase of P0.30 per liter, kerosene increase by P0.35 per liter and diesel increase by P0.20 per liter,” Shell said in its advisory.

World oil prices rebounded last week amid expectations that the spread of the coronavirus in China is under control as cases fell. 

The previous week, world prices declined amid coronavirus concerns, but the talks of OPEC cuts provided some support. Global oil demand took a hit as China’s growth was slashed by the coronavirus outbreak.

On Feb. 18 to 19, most of the oil companies implemented a price increase/decrease on petroleum products. The price of gasoline has increased by P0.35 per liter while a P0.10-per-liter decrease was implemented on the price of diesel and kerosene.

Prior to today’s increase in pump prices, the year-to-date adjustments stood at a net decrease of P2.80 per liter of gasoline, P4.60 per liter of diesel and P5.94 per liter of kerosene.

On Feb. 20, Phoenix Petroleum offered all its fuel variants at a special discounted price of P20 per liter from 10 a.m. to 12 noon at 10 of its gas stations across the country.

Phoenix launched its ‘Twenty on Twenty’ promo as a way to thank its customers and celebrate its win after being hailed as the “Marketing Company of the Year” at the 40th Agora Awards.

“For the past years, Phoenix Petroleum has been achieving great business results and attracting more and more partners and clients nationwide. We credit our growth to the hard work of our employees, the trust of our customers, and our continuous pursuit for improvement and excellence in our products and services,” said Phoenix Petroleum chief operating officer Henry Albert Fadullon.

Energy Secretary Alfonso Cusi said the market welcomed lower pump prices.

“As we aim for greater goals this year, we want to give back to our customers and treat them with a very special promo. As a homegrown brand that made its way up and competes toe-to-toe with big and established multinationals, we want to share this win to the people we serve, the Filipino motorists, who choose to trust and patronize local brands such as ours,” Fadullon said.

Topics: oil price , kerosene , Pilipinas Shell Petroleum Corp. , PTT Philippines , Seaoil Philippines
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