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Oil price increase of 50 centavos anytime this week


CONSUMERS can expect petroleum prices to increase again anytime this week, as new oil players on Tuesday expressed the need to raise pump prices by 50 centavos to recoup the accumulated under-recoveries for the month.

In a phone interview, Fernando L. Martinez, chair of the Independent Philippine Petroleum Companies Association, said the proposed increase will partially enable them to recoup their under-recoveries.

Martinez, who is also the chair and chief executive of Eastern Petroleum Corp., added that under-recoveries have piled up to nearly P3 a liter for diesel and P1.50 a liter for gasoline.

According to the Department of Energy’s monitoring, oil benchmark Dubai crude has averaged $37.72 a barrel from $38.55 in September.

On the other hand, price of finished petroleum products at the Mean of Platts Singapore (MOPS) averaged $54.81 a barrel for unleaded, from $49.03 a barrel last month. MOPS-based finished petroleum products averaged almost $60 a barrel at $58.29 a barrel from $51.66.

By Paul Anthony A. Isla


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