The country’s oil firms raised pump prices by as much as P1.50 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world oil market.
This developed as Pilipinas Shell Petroleum Corp. (PSPC) and Shell Energy Philippines signed a tripartite agreement with the Department of Energy (DOE) for a three-year pilot program where Shell could deploy more Shell Recharge electric vehicle charging stations powered with renewable energy from SEPH.
Local oil firms raised the price of diesel by P1.50 per liter, kerosene by P1.25 per liter, and gasoline by P0.40 per liter.
Seaoil Philippines, Chevron Philippines, Jetti Petroleum, PetroGazz, and Cleanfuel issued separate advisories for their latest price hike. Other oil firms are expected to follow suit.
DOE director Rodela Romero last week predicted the oil price hike “due to a sign of a strong economic rebound of top crude importer, China; and easing worries of aggressive US interest rate increases.”
“Add also Russia’s plan to deepen oil production cut,” Romero said.
On Feb. 28, the country’s oil firms cut the price of kerosene by P1.80 per liter, diesel by P1.30 per liter, and gasoline by P0.70 per liter.
Meanwhile, PSPC president and chief executive Lorelie Quiambao-Osial, SEPH general manager and resident Bernd Krukenberg, and Energy Secretary Raphael P.M. Lotilla signed a memorandum of agreement anchored on the goals and targets of the Philippine Energy Plan 2020-2040 for the transition towards clean energy fuels and technologies.
The agreement would also provide the support infrastructure for the 10 percent target penetration rate of EVs for road transport by 2040.
This agreement is in support of the government’s implementation of the Electric Vehicle Industry Development Act, which establishes the national development plan to accelerate the development, commercialization, and utilization of EVs in the country.
“Reimagining the future requires working together to realize the shared vision of an inclusive and more sustainable Philippines,” Osial said during the signing ceremony.
“Pilipinas Shell and Shell Energy Philippines are happy to work with the Department of Energy in taking a concrete step in the country’s energy transition, and we look forward to more opportunities where we can support the government as we continue to power progress for Filipinos in the years to come.”
Aimed at providing an end-to-end low-carbon solution for EV drivers from a sustainable power source, the agreement has a primary objective of conducting a pilot study of EVCs supplied by RE such as solar.
The key components of the pilot project include supply, installation, operation, and maintenance of EVCs, monitoring, and verification of energy efficiency, performance, and savings through the utilization of RE, and optimization of the use of cleaner energy.
Data to be generated in this pilot project will serve as a benchmark for PSPC and SEPH to develop and roll out the Shell Recharge EV charging network in its existing and future mobility stations as wellas an opportunity for Shell to provide recommendations to DOE for the EV industry development and use of RE for EV.
“I commend PSPC and SEPH for collaborating with the DOE for this laudable undertaking — a sound testament of their resoluteness in maximizing value creation while contributing to global climate change mitigation,” Lotilla said.
“These alternative opportunities could help position Shell at the forefront of their quest for sustainable and inclusive growth by adding a more compelling long-term vision for clean technologies and renewable energy investment into their portfolio,” he said.