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By Euan Paulo C. Añonuevo, Reporter
Pump prices have continued with their abrupt
increases as oil companies implemented another peso increase in the
price of their fuel products at the start of the weekend.
Petron Corp., Pilipinas Shell Petroleum Corp.,
Chevron Philippines Inc., Total (Philippines) Corp., Unioil
Petroleum Philippines Inc. and Flying V hiked the price of their
gasoline, diesel and kerosene products by P1 per liter on Saturday.
The price hike is expected to jack up the retail
price of gasoline at roughly between P49 to P50 per liter; diesel at
P42 to P43 per liter; and kerosene at P45.65 to P49.80 per liter in
Metro Manila. Public transport currently enjoys a peso discount in
diesel prices.
Last week, oil firms warned of an impending
series of price increases at the pumps in the coming weeks after
they incurred hefty under recoveries as a result of the soaring oil
price in the world market.
Pilipinas Shell Petroleum Corp. country chairman
Edgar Chua said that oil companies are set to jack up fuel prices by
P7 per liter.
However, foreign exchange fluctuations and
competition among the oil firms may still raise the prices further.
Oil companies have stopped mitigating their
increases to P0.50 per liter as per a previous understanding with
the government because of the huge amount they have to collect from
consumers.
“Our under recoveries are increasing. If we
keep to the P0.50 per liter, it will take several months to recover
the amount,” Chua said.
Data from the Department of Energy showed that
as of May 9 (Friday), the average price of Dubai crude which is the
benchmark used by refiners, was at $111.85 per barrel from April’s
$103.41 per barrel average.
The price of imported unleaded gasoline and
diesel at the Mean of Platts Singapore also surged to $122.37 per
barrel from $118.08 per barrel and $146.34 per barrel from $141.98
per barrel, respectively.
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