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Oil prices up again; Gas by P1.05

The oil companies raised pump prices by P1.05 per liter of gasoline, P0.85 per liter of diesel, and P0.30 per liter of kerosene effective at 6 a.m. today, Tuesday.

Oil prices up again; Gas by P1.05
BURNING GAS. Heavy traffic returns to the Guadalupe area in Makati City—minus buses and other public utility vehicles—on Monday as Metro Manila entered its 100th day under quarantine owing to the COVID-19 pandemic. CNN Philippines photo
“Petron will implement the following price increases effective 6 a.m. on June 23: P1.05 per liter of gasoline, P0.85 per liter of diesel and P0.30 per liter of kerosene. These reflect the [price] movements in the international oil market,” Petron Corp. said in its advisory.

Pilipinas Shell Petroleum Corp., PTT Philippines, Seaoil Philippines, and PetroGazz also announced price increases.

World oil prices have been in a continuing upswing in recent weeks. 

Before the latest price increases, the total year-to-date adjustments stood at a net decrease of P6.72 per liter of gasoline, P9.99 per liter of diesel, and P13.69 per liter of kerosene.

Petron, meanwhile, had started implementing the additional 10-percent tax on crude and petroleum products, as provided in Executive Order 113, in some of its stations starting June 20.

READ: Unioil sets price hike: P0.80

Pilipinas Shell also implemented the additional 10- percent import duty on diesel in some of its stations last week.

Energy Secretary Alfonso Cusi has ordered the Oil Industry Management Bureau to ensure the proper implementation of the additional 10-percent duty.

Malacañang issued the EO on May 2, which imposed the additional 10 percent import tax on petroleum products to boost government resources and help finance programs aimed at easing the effects of the COVID-19 pandemic.

“Upon the release of EO 113, our Oil Industry Management Bureau immediately met with industry stakeholders to discuss the way forward, including their strict compliance with the EO’s guidelines,” Cusi said.

The Energy department says the additional tax is expected to be reflected in the price adjustments, but only after the oil companies had exhausted the inventories that were purchased before EO 113 took effect.

The projections based on the oil companies’ inventory reports indicated that the added costs might be included beginning the third week of June, or June 14 to 20.

Prior the latest price increases, the total year-to-date adjustments stood at a net decrease of P6.72 per liter of gasoline, P9.99 per liter of diesel, and P13.69 per liter of kerosene.

READ: DOE still keen on West Philippine Sea oil exploration

Topics: oil price , gasoline , Petron Corp. , Pilipinas Shell Petroleum Corp. , PTT Philippines
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