OIl firms reverse gears, hike diesel price by P1.2

DIESEL prices will go up by P1.20 per liter, kerosene by P0.90 and gasoline by P0.70 starting today, Tuesday, to reflect the movement of oil prices in the world market.

Eastern Petroleum Philippines, Phoenix Petroleum Philippines, Seaoil Philippines and Flying V issued separate advisories on the increases, the second for this month.

“Phoenix Petroleum Philippines will increase the prices of diesel by P1.20 per liter and gasoline by P0.70 per liter effective 6 a.m. of 11 July 2017,” the company said.

Last week, the oil firms also raised the price of diesel by P0.70 per liter, kerosene by P0.55 and gasoline by P0.30.

Domestic pump prices follow the movement of world oil prices on a weekly basis.

International oil prices rallied last week amid reports of a decline in US inventories, although the oversupply continues.

The Energy Department said the Philippines’ net oil import bill surged 78 percent in the first three months to $2.137 billion from $1.2 billion a year ago, and on higher crude prices and higher demand.

Data from the department showed that the net import volume from January to March reached 38.410 million barrels, up from 36.065 million barrels over the same period last year.

Oil imports hit 42.064 million barrels composed of crude oil, finished products and other products amounting to $2.383 billion, up from 39.710 million barrels equivalent to $1.405 billion a year ago.

Exports of petroleum products slightly rose to 3.655 million barrels in the first three months from 3.645 million barrels a year earlier.

The net oil import bill in 2016 declined 12.3 percent to $6.78 billion from $7.73 billion in 2015 on lower oil prices.  

The oil import volume increased 8.3 percent last year to 149.304 million barrels from 137.907 million barrels in 2015. 

Topics: Oil firms , Diesel price hike
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