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4th round of oil price hike looms

The country's oil firms will raise pump prices by around P0.60 per liter this week to reflect the movement of prices in the world oil market.

"Expect fuel prices to go up next week (June 15 - 21, 2021). Diesel will increase by P0.40 to P0.50 per liter. 

Gasoline will increase by P0.50 to P0.60 per liter," Unioil Petroleum Philippines, Inc. said in its weekly advisory.

This will be the fourth consecutive weekly oil price hike for gasoline and diesel, as the world economy slowly recovers from the coronavirus pandemic.

Oil prices have been going up due to prospects of strong demand as the Organization of the Petroleum Exporting Countries and its allies were able to reduce global oil inventories.

The successful vaccine programs around the world also helped to increase demand.

OPEC and its allies forecast a six million bpd (MMBD) increase in oil demand this year.

Domestically,  oil companies implemented a price increase in domestic oil products on June 8.

The oil firms increased the price of gasoline by P0.20 per liter, diesel by P0.55 per liter and P0.60 per liter for kerosene.

These resulted in the year-to-date adjustments to stand at a total net increase of P9.50/liter for gasoline, P8.15 per liter for diesel and P6.70 per liter for kerosene.

Meanwhile, oil player Cleanfuel recently opened its latest station in Marikina City located in the area of J.P. Rizal corner Narra Street in Barangay Nangka.

The latest Cleanfuel station provides better access to quality yet affordable fuel for Marikeños and nearby areas such as San Mateo, Montalban (Rizal), Batasan Hills, as well as Concepcion Uno and Parangin Marikina City.

Motorists in the area are expected to experience and enjoy Cleanfuel’s first-class amenities including clean and spacious air-conditioned restrooms, air-and-water services, digital tire inflator with pressure gauge, leasing, and cashless payments.

Cleanfuel president Atty. Jesus Suntay urged  customers to take advantage of the added perks by signing up for the brand’s VIP reward cards. The membership-based system—given free to motorists—will help customers avail the numerous giveaways and discounts to partner establishments.

Cleanfuel also practices utmost safety health precautions in order to ensure the protection of its customers and workforce against disease.

As such, wearing face masks and face shields, thermal scanning of personnel, social distancing, disinfection of workstations, hand washing, and cashless payments are mandatory to experience a safer place of business for motorists.

“Making ‘Quality Fuel for Less’ more accessible is part of our numerous initiatives to help the local economy gain traction in this time of pandemic. Opening the Marikina station is significant for our company as this is our first station to open here in Marikina, which is an important market for us,” Suntay said.

He said Cleanfuel was planning to inaugurate the Boni Avenue station within 2 weeks after the Marikina opening.

“We are committed to expand and strengthen our retail network in NCR and provinces. This is a good opportunity for us to grow our customer base while helping motorists with their fuel needs,” Suntay said.

“We don’t only provide quality and affordable fuel to motorists, we’re also extending help to our customer’s journey by providing them rewards on every liter they fill in their tanks,” he said.

Topics: Cleanfuel , Organization of the Petroleum Exporting Countries , Oil price hike
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