Oil prices will likely go up next week by nearly P1 per liter to reflect the movement of prices in the world market.
“Expect fuel prices to go up next week (January 12 to 18). Diesel should increase by P0.30 to P0.35 per liter. Gasoline should increase by P0.80 to P0.90 per liter,” Unioil Philippines said in its advisory.
World oil prices trended upwards after the Organization of the Petroleum Exporting Countries and its allies announced a lower than expected increase in production.
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.
These resulted to the year-to-date adjustments to stand at a net increase of P0.45 per liter for gasoline, P0.30 per liter for diesel and P0.40 per liter for kerosene.
Meanwhile, the country’s net oil import bill plunged 43 percent to $4.686 billion in the first nine months last year from $8.28 billion in the same period in 2019.
World oil prices have been on a downward spiral last year due to the impact of the COVID-19 worldwide as the movement of people become restricted thereby affecting demand.
Net import volume declined 20.9 percent to 15 billion liters during the nine-month period last year from 18.97 billion liters in the same period in 2019.
The Philippines imports bulk of its fuel requirements annually.
As this developed, independent oil company Cleanfuel recently opened its fifth gasoline station in Mabalacat Pampanga.
Situated along the busy stretch of McArthur Highway, Barangay Mabiga, Mabalacat, Pampanga, the new station opened on December 19.
“The opening of Cleanfuel Mabalacat Station shows that we are committed to help the City of Mabalacat and the nearby areas and proves our confidence on the resiliency of the Filipino people and the local economy of Pampanga despite the challenges that our nation have encountered in 2020 as we all look forward for a better year ahead,” Cleanfuel president Jesus “Bong” Suntay said.
With a lot area of 3,000 square meters, the latest Mabalacat station is ready to cater to the motorists and residents in the area, as well as other motorists plying the national road providing access to Cleanfuel’s product portfolio such as Clean91, Premium 95 and Euro-4 diesel.
The commerce-driven city in Pampanga houses several tourism hubs that are within the known culinary capital of the Philippines.