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New round of oil price hikes at P1/l rolls out today

The country’s oil firms raised pump prices by as much as P1.05 per liter effective 6 am Tuesday to reflect the movement of prices in the world market.

The oil firms raised the price of diesel by P1.05 per liter, gasoline by P1 per liter, and kerosene by P0.95 per liter.

“PTT Philippines to implement the following price adjustments effective 6am Tuesday, January 19, 2021: Gasoline, increase of P1 per liter, diesel, increase of 1.05 per liter,” PTT Philippines said in its advisory.

Aside from PTT, Seaoil Philippines, Cleanfuel, PetroGazz, and Total Philippines also raised pump prices.

This is the third consecutive weekly oil price increase for the month of January.

Unioil Philippines said over the weekend diesel prices are expected to go up by P1 to P1.10 per ltier and gasoline by P0.90 to P1 per liter.

“Expect fuel prices to go up next week (January 19-25, 2021).Diesel should increase by P1 to P1.10 per liter. Gasoline should increase by P0.90 to P1 per liter,” Unioil said in its advisory.

This will be the third consecutive weekly oil price increase for the month of January.

World oil prices rallied in the past weeks amid colder temperatures that fuel heating demand, optimism over the continuing rollout of vaccines, the announcement of Saudi Arabia of new production cuts, increased consumption from China, among others.

According to the Department of Energy, Saudi Arabia and its Organization of the Petroleum Exporting Countries+ partners jolted prices higher on January 5 by adjusting February and March production plans well below market expectations.

DOE, however, said depressed demand from European countries is expected to affect world oil prices. Europe announced more stringent restrictions in a bid to curb surging COVID-19 infections, including the new highly transmissible strain.

On January 12, the oil companies raised the price of gasoline by P0.85 per liter, diesel by P0.30 per liter and kerosene by P0.25 per liter.

These resulted to the year-to-date adjustments to stand at a net increase of P1.30 per liter for gasoline, P0.60 per liter for diesel and P0.65 per liter for kerosene.

On January 5, the oil firms also raised the price of gasoline by P0.45 per liter, P0.30 per liter for diesel and P0.40 per liter increase for kerosene.

Meanwhile, Chevron Philippines Inc. (CPI) which markets the Caltex brand announced it recently opened new service stations in Pampanga, Pangasinan, Bataan, Batangas, Cebu, and Bukidnon in support of the reopening of the economy. This brings the total number of newly-opened Caltex stations in 2020 to 30.

Caltex presently has a growing retail structure composed of nearly 650 retail stations across the archipelago, a figure that is expected to climb as Caltex opens more stations this year. This is a testament to the success of its retailer-owned retailer-operated business model.

“To match the Filipinos’ increasing demand for better fuel, while catering to key industries that are gradually reopening, we seek to sustain the upward trend of our retail network growth this year and onwards. We are constantly expanding our brick-and-mortar network to power a worthwhile journey for our customers wherever they are,” said CPI Country Chairman and General Manager Billy Liu.

CPI recently opened a Caltex service station in the municipality of Guagua, Pampanga. Situated along the Jose Abad Santos Avenue, Barangay San Antonio, this 12-pump fueling station is now ready to supply fuel for motorists traveling in the area and to support the transport of forestry and fishery resources, such as rice, corn, and tilapia, which are staples in the province.

Another Caltex service station stands in the highly urbanized Olongapo City. Located along the busy stretch of Rizal Avenue, this service station now serves the fuel needs of residents in Barangay West Bajac-Bajac and its neighboring districts.

The newly-established service station in Barangay Culis, Hermosa, Bataan also serves as a vital pit stop for private and commercial vehicles traversing the Roman Highway, which is a national arterial road that straddles 10 Bataan towns.

A new 18-pump Caltex fueling site also opened in Inosluban, Lipa City, Batangas and is now ready to cater to its residents and tourists. Aside from being once known as the coffee center of the world, Lipa City is also dubbed as the “Little Rome of the Philippines” for being home to many Catholic churches.

In Visayas, another Caltex station rose in San Fernando, a coastal municipality of Cebu. The area is part of Metro Cebu, which encompasses the largest domestic port in the Philippines. The fuel station’s presence in the area provides a reliable source of power for the engines of shipping and logistics vehicles operating around Metro Cebu.

Two Caltex stations opened along the National Highway in Bukidnon, ensuring an uninterrupted journey for motorists in the area. The stations are located in the landlocked areas of Barangay Aglayan, Malaybalay City and Barangay Kisolon, Sumilao. Bukidnon is regarded as the “Food Basket of Mindanao” as it is a major producer of rice, corn, and sugarcane

All Caltex stations carry the premium Euro 4 compliant fuel Caltex with Techron, which guarantees maximized vehicle performance, enhanced engine protection, and lower emissions. Aside from providing clean and quality fuels, Caltex also maintains strict safety protocols and offer contactless payment methods for safer travels.

The opening of more Caltex stations will help the local fuel industry meet the increasing demand stiffened by the country’s improving economy. According to the Asian Development Outlook 2020 Update, the Philippines’ Gross Domestic Product is forecast to grow by 6.5% in 2021.

Caltex’s launch of new service stations and quality fuel products, partnerships, and latest promotions allow it to kick-start 2021 stronger and more equipped to serve the country’s fuel needs.

Topics: oil firms , oil price , PTT Philippines , kerosene , Seaoil Philippines , Cleanfuel
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