MANILA — After the 12-year low on oil prices last week, oil firms will hike pump prices Tuesday, pushed by international market prices caused by the strengthening of the US dollar.
In separate advisories, Pilipinas Shell Petroleum Corporation (PSPC), Phoenix Petroleum Philippines, PTT Philippines and Eastern Petroleum Corp. said they will hike pump prices of diesel by PhP1.05 per liter and gasoline by PhP0.45 per liter Tuesday at 6:00 a.m.
Shell will also increase kerosene prices by PhP1.20 per liter.
Eastern Petroleum chairman and chief executive officer Fernando Martinez explained the price hike was due to the uptrend of oil prices in the global market.
He added analysts see “the geopolitical factors in the Middle East are playing a bigger part in the actual oil production” compared to the remarks of energy ministers.
According to the Department of Energy’s (DOE’s) oil monitor for Metro Manila as of Jan. 26, diesel prices range PhP16.85-20.97 per liter, while having a common price of PhP18.25 per liter.
Gasoline, on the other hand, has a price range of PhP31.55-39.20 per liter. It has a common price of PhP36.50.
For the year, the total adjustment amounts to a reduction of PhP3.20 per liter for diesel and PhP1.60 per liter for gasoline. Juzel L. Danganan/PNA/northboundasia.com