Major oil price hike before polls

MANILA, Philippines - A few days before the May 9 elections, oil companies again implemented hefty price increases on all fuel products, as global crude prices jumped during last week’s trading.

In a text advisory, Pilipinas Shell Petroleum Corp. said it raised gasoline prices by P1.50 per liter, diesel prices by P1.35 per liter and kerosene by P1.40 per liter starting 6 a.m. today.

SeaOil Philippines Inc. also adjusted pump prices higher “to reflect movements in the international petroleum market.”

In separate advisories, Eastern Petroleum, Phoenix Petroleum Philippines and PTT Philippines increased gasoline prices by P1.50 per liter and diesel prices by P1.35 per liter starting 6 a.m.

Petron Corp. has yet to issue its advisory.

Following this week’s price movements, gasoline prices registered a net increase of P2.20 per liter, diesel prices with a net increase of P3.70 per liter and kerosene with a net increase of P3.10 per liter from the start of 2016.

This week’s fuel price increase was pinned on hopes that the Organization of the Petroleum Exporting Countries and non-OPEC members will still implement an output freeze, Energy Secretary Zenaida Monsada said in a briefing yesterday.

Monsada also cited Vietnam’s recent high oil importation, implying that demand is still strong even as there is an oil supply glut as some refineries are still on shutdown.

Prior to the adjustments, diesel prices ranged between P22.30 to P25.72 per liter and gasoline was within the P34.30 to P42.39 per liter price range.