Fuel prices up anew; oil firms told to specify reasons for hike


MANILA — Petroleum companies announced Monday another round of pump price increases that will take effect starting at midnight, or 12:01 a.m. on Tuesday, Feb. 6, 2018.

Gasoline prices are set to rise by 50 centavos per liter; diesel, 35 centavos per liter; and kerosene, by 60 centavos per liter.

Flying V will implement the new pump prices at 12:01 a.m. while Shell, PTT Philippines, SEAOIL, Unioil, Eastern Petroleum, will adjust their pump prices at 6 a.m.

Meanwhile, the Department of Energy (DOE) through its Oil Industry Management Bureau (OIMB) will require oil companies to unbundle their prices and make public announcements on how they come up with the pump prices and the reasons behind each price adjustment, whether it is an increase or rollback.

The department said it would validate such reports to protect consumers.

DOE-OIMB Assistant Director Del Romero said a circular on this subject would be released by the DOE to the oil companies.

“The circular has not been released yet, but Secretary Alfonso Cusi is already requiring oil companies to comply,” Romero said. PNA-northboundasia.com