The country’s oil firms raised pump prices by P0.65 per liter for gasoline and P0.05 per liter for diesel and kerosene effective 6am Tuesday to reflect the movement of prices in the world market.
“Petron will implement the following price increases effective 6 a.m. on April 6: P0.65 per liter for gasoline; P0.05 per liter for diesel; and P0.05 per liter for kerosene. These reflect movements in the international oil market,” Petron Corp. said in a statement.
Aside from Petron, Pilipinas Shell Petroleum Corp., Seaoil Philippines, Cleanfuel, Total Philippines and Chevron Philippines issued separate announcements of the latest oil price hike.
Unioil Philippines disclosed over the weekend that pump prices will likely go up this week by P0.60 for diesel and P0.05 to P0.10 per liter for gasoline.
Optimism over the rollout of the COVID-19 vaccines in the US that would drive economic recovery helped boost oil prices in the market.
The decision of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) of gradual increase in quotas for the next three months also helped maintain oil price gains.
The oil companies cut pump prices by P1.20 per liter for gasoline, diesel by P1.30 per liter and kerosene by P1.35-P1.40 per liter effective March 28 to 30.
The oil firms also rolled back the price of cooking gas or liquefied petroleum gas (LPG) on April by P3.30 per kilo and cut the price of autoLPG by P1.85 per liter.
Meanwhile, state-owned Philippine National Oil Co. (PNOC) will launch this month the public bidding for the engagement of a technical advisor for its strategic petroleum reserves (SPR) program after the company’s board approved the terms of reference on March 29.
SPR are large stockpiles of crude oil and/or petroleum products, stored in facilities located around the country (and possibly overseas), PNOC said in its first quarter report.
To mitigate the vulnerability of the country from the threat of oil supply and price disruptions, Department of Energy (DOE) mandated PNOC to conduct a feasibility study and formulate a plan for the establishment of a national SPR.
PNOC said the SPR program is aimed at ensuring the long-term stability and security of oil supply in the country even in times of geopolitical events, calamities or emergencies which include global supply disruptions.
The advisor shall be tasked to prepare the detailed feasibility study for the project.
PNOC is also in close coordination with DOE for the preparation of issuance of a department circular on the SPR program.