MANILA, Philippines — Oil companies implemented an increase in the prices of fuel today due to price movements in the international market.
Gasoline prices were raised by P0.10 per liter, diesel by P0.60 per liter and kerosene by P0.45 per liter.
Last week, oil companies implemented an increase in the price of gasoline, a rollback in the price of kerosene, while no price movements were made for diesel.
Pilipinas Shell Petroleum Corp. (PSPC), Chevron Philippines Inc., Phoenix Petroleum Philippines Inc., PTT Philippines Corp., Total Philippines Corp., Seaoil Philippines Inc., Petro Gazz and Jetti Petroleum implemented the price changes starting 6 a.m.
“This is to reflect movements in the international petroleum market,” Seaoil said in an advisory.
Flying V, Petron Corp., Unioil Petroleum Philippines Inc. and Eastern Petroleum have yet to announce their respective price changes as of press time.
The benchmark Brent crude LCOc1 settled up $1.09 a barrel, or 1.5 percent, at $75.82 a barrel Friday, while US crude CLc1 was up 89 cents, or 1.3 percent, at $68.72, according to a report by Reuters.
On a weekly basis, Brent rose 5.3 percent, ending a three-week decline, while US crude prices jumped four percent after seven weeks of decline.
In a separate statement, PSPC said it has implemented an additional discount of P0.25 per liter on diesel fuels for public-utility jeepneys (PUJs) in more than 50 percent of its retail stations where there is high density of PUJs starting 6 a.m. on Aug. 25.
This is in support of the Department of Energy’s directive to offer Euro 2 diesel in a bid to address increasing inflation.
PSPC said the additional discount is in lieu of reintroducing Euro 2 diesel fuels, which may take three to six months to implement due to necessary added infrastructure and facilities needed to adapt to the proposed fuel option.
PSPC added that the reintroduction of Euro 2 diesel may also have minimal to zero net benefit, given the additional cost mentioned and may pose potential health and environmental risks because of its higher sulfur content.
“PSPC will continue to support the government through DOE in alleviating the plight of motorists and the general public. We enjoin motorists to visit our participating retail stations to avail of this special program,” the company said.