Pump prices will likely go up again this week, and by as much as P1 per liter, to reflect the movement of prices in the world oil market, a distributor said Sunday.
“Expect fuel prices to go up next week (March 2 to 8). Diesel should increase by P0.75 to P0.85 per liter. Gasoline should increase by P0.90 to P1 per liter,” Unioil Philippines said in its advisory.
But with another big oil price increase, Bayan Muna party-list Rep. Carlos Zarate demanded transparency from the oil companies by unbundling their fuel prices.
He urged the oil firms to withdraw their opposition to the unbundling of their prices "for transparency so that the public will know their pricing scheme.
"In the midst of this crisis gravely affecting our people, especially the poor, we strongly urge the Department of Energy to be more proactive in pushing for ways to lighten their burden, including
pushing for the immediate resolution of the unbundling of oil prices," Zarate said.
Oil prices have been moving up for the past four consecutive weeks as the global vaccine rollout continues that will help spur economic recovery.
Expectations of stronger demand for oil in the second quarter and compliance with the agreed OPEC production cuts also shored up oil prices.
On February 23, the oil firms also raised the price of gasoline by P1.20 per liter and P1 per liter of kerosene.
On February 16, the oil firms raised the price of gasoline by P0.75 per liter, diesel by P1.25 per liter and kerosene by P1.10 per liter.
The oil firms also raised the price of gasoline by P0.85 per liter, diesel by P1.10 per liter and kerosene by P1 per liter on Feb 9.
On February 2, the oil firms raised the price of gasoline by P0.25 per liter but cut the price of kerosene by P0.25 per liter. The oil firms did not move diesel prices.
Zarate said based on reports the oil companies would increase diesel prices by P1.20 to P1.30 per liter, gasoline by P0.75-P0.85 per liter and kerosene by P1.10-P1.20 per liter.
“The big time oil price hike again brings to the fore the issue of possible overpricing by oil companies. This also shows the need to unbundle or detail their price of fuel per liter,” he said.
“We demand that oil companies withdraw their opposition to the DOE draft circular and the Bayan Muna demand for the unbundling of their prices so that the public will know if they are overpricing.”