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As expected, the country’s big petroleum firms increased their
pump prices after independent oil companies gave in to the soaring
prices of crude in the world market on Friday.
Petron Corp., Pilipinas Shell Petroleum Corp.,
Chevron Philippines Inc. (formerly Caltex) and Total Philippines
Corp. increased the price of diesel by P1.50 per liter, kerosene by
P1.50 per liter and gasoline by P1.00 per liter at their retail
stations late Friday evening.
This was the 12th price hike implemented by the
oil companies this year alone. The increase pegged the diesel at
between P43.17 to P45.47 per liter, kerosene between P47.65 and
P50.50 per liter and gasoline between P50.33 and P52.57 per liter.
The oil firms, which provide the bulk of the
country’s fuel needs, again attributed the hefty hike of their
pump prices to the unabated increase in oil prices abroad, which
recently hit a record-setting $130 dollar per barrel, while the
Dubai crude rose to an all-time high of $129 per barrel on May 23.
The regional benchmark for unrefined crude is
now averaging at $117.57 per barrel for the month of May, also
higher from $103.41 per barrel in April.
For finished petroleum products, the average
price of imported diesel and unleaded gasoline at the Mean of Platts
Singapore (MOPS) rose to $156.13 per barrel and $127.76 per barrel
in May from $141.98 per barrel and $118.08 per barrel, respectively,
in April.
Data from the Department of Energy’s daily oil
monitor said the high oil prices remain driven by supply worries, US
dollar decline and market speculations.
Citing supply constraints, Goldman Sachs Group
Inc, the most active investment bank in energy markets, even
predicted crude to jump to $141 per barrel in the second half of the
year.
In light of this, consumers—who are already
reeling from the increasing prices of commodities—are urged to be
conscientious with how they utilize energy resources.
Earlier, Petron Corp. Chairman Nicasio Alcantara
said the regime of “higher energy prices will continue and it
should become a way of life for the public for us to be conscious of
high energy prices not only for fuel but also for electricity.”
Various groups have been calling on the
government to fast- track the snail-paced development of the
country’s indigenous energy resources, biofuels industry and
alternative fuel sources that will shield consumers from expensive
oil imports in the long run instead of implementing tariff and tax
cuts.
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