Gasoline, diesel prices up today

MANILA, Philippines - Oil companies will implement today a hefty increase in the prices of petroleum products as higher US crude demand sustained oil prices in the international market. 

In an advisory, Pilipinas Shell Petroleum Corp. said it would raise gasoline prices by 85 centavos per liter and diesel and kerosene by P1.55 starting at 6 a.m.

Seaoil Philippines Inc., Phoenix Petroleum Philippines and PTT announced similar price adjustments to reflect movements in the international petroleum market.

Flying V will increase pump prices ahead of the other oil firms effective at 12:01 a.m. today.

Petron Corp. has yet to make an announcement but is expected to implement similar price hikes.

UniOil Philippines said it would raise prices of EuroDiesel IV by 85 centavos per liter and EuroGasoline by P1.55.

Based on its price monitoring, the Department of Energy said the Organization of Petroleum Exporting Countries (OPEC)’s agreement continued to pressure oil prices in the global market, DOE Undersecretary Felix William Fuentebella said.

Higher demand in the US as well as foreign exchange movements also propped up international oil prices, Fuentebella said.

Meanwhile, the DOE is monitoring the unusual reduction in gasoline prices in Mindanao.

According to the DOE Mindanao Field Office, oil firms in the region have implemented a huge P3 per liter rollback in the prices of gasoline from Aug. 30 to Sept. 6.

Fuentebella said they were looking at the “bote-bote” system, smuggling and predatory pricing among oil players in the region.

The DOE had confiscated bottled gasoline from retailers who do not have license and permit from the agency.