THE oil firms will implement a new round of oil price hike today of as much as P0.65 per liter to reflect the movement in the international petroleum market.
The oil firms raised pump prices by P0.65 per liter for diesel and kerosene and P0.40 per liter for gasoline, the second consecutive weekly oil price increase effective 6am April 24.
“Seaoil will increase gasoline by P0.40 per liter, diesel by P0.65 per liter and kerosene by P0.65 per liter. This is to reflect movements in the international petroleum market,” Seaoil Philippines said.
Aside from Seaoil, PTT Philippines, Phoenix Petroleum Philippines, Flying V and Eastern Petroleum Corp. also raised prices while other oil firms are expected to follow suit.
The global oil market last week reacted to the tweet of US President Donald Trump on Friday accusing the Organization of Petroleum Exporting Countries “artificially” boosting oil prices.
World oil prices have been going up since Opec and non-Opec countries cut production last year to end the supply glut and boost prices.
Opec is looking at extending the supply cut through end this year as global oil production remained high.
Last April 17, the oil firms increased the price of gasoline by P0.35 per liter, biodiesel by P0.55 per liter and kerosene by P0.80 per liter.
Pro-consumer group Laban Konsyumer Inc. last week asked the Energy department to provide them access to reasonable prices of petroleum products and electricity.
In a letter dated April 16 to Energy Secretary Alfonso Cusi, the group first brought attention to the prices of regular diesel. Using data from the trading areas of Fairview village in Quezon City, LKI expressed the need to unbundle the retail prices of petroleum products so that consumers may be provided the necessary information regarding the fair pricing of petroleum products.
“DoE will note that oil companies and the new players have practically uniform prices for diesel,” LKI president and former Trade Undersecretary Vic Dimagiba said in a letter to the department.
“This situation does not appear tenable since the oil companies and new players procure their products differently. The oil companies engage in activities such as refining while the new players import finished products.”
LKI is a new member of Consumers International, a membership organization for consumer groups around the world. Consumer International is composed of over 200 member organizations in more than 100 countries, and it aims to empower and champion the rights of consumers everywhere.