Gas prices up by over P1 today

MANILA, Philippines - Motorists will see an increase of over P1 per liter across all fuel products today following negative developments overseas which dampened oil trading last week.

In a text advisory, Pilipinas Shell Petroleum Corp. yesterday said it raised gasoline prices by P1.20 per liter, diesel prices by P1 per liter and kerosene prices by P1.25 per liter starting 6 a.m. today. 

Shell cited “better overall demand, disruption of supply in Nigeria, production outages in Canada and political crisis in Venezuela” as reasons for the price increases, Department of Energy-Oil Industry Management Bureau (DOE-OIMB) director Melita Obillo said in a text message.

SeaOil Philippines Inc. also made the same adjustment effective 6 a.m. today.

Petron Corp. has yet to announce its price adjustment but is expected to make a similar increase in the cost of its fuel products. 

In separate advisories, Eastern Petroleum, Phoenix Petroleum Philippines and PTT Philippines raised gasoline prices by P1.20 per liter and diesel prices by P1 per liter starting 6 a.m.

The hefty price hike was “due to higher crude prices brought about by tensions in Nigeria and the wildfire in Canada,” Phoenix Petroleum said.

Since the start of 2016, gasoline prices registered a net increase of P3.40 per liter, diesel prices a net increase of P5 per liter and kerosene with a net increase of P4.35 per liter following this week’s price movements.

Prior to price adjustments, diesel prices ranged between P23.75 to P28.60 per liter while gasoline prices were within the P35.15 to P42.25 per liter range.