Oil prices are expected to slightly go up starting Tuesday, putting an end to five consecutive weeks of rollbacks following the decision of the Organization of the Petroleum Exporting Countries to cut down production by about a tenth of global oil supply.
The oil firms are expected to raise pump prices by as much as P0.50 per liter for gasoline and P0.20 per liter for diesel.
“Expect fuel prices to go up next week [April 14, 2020 – April 20, 2020]. Diesel should go up around P0.20. Gasoline should go up around P0.45 – P0.50,” Unioil Philippines said in its advisory.
This, as OPEC and other nations such as Russia announced a production cut of about 10 million barrels per day to boost oil prices.
According to the report from the Energy department, Saudi Arabia called for an “urgent meeting” of the OPEC+ alliance and other producers to negotiate a deal on output cuts.
Saudi Arabia was able to export crude to Europe specifically France, the Netherlands, Poland, Greece and Spain although demand has remained week in north Asia as Japanese refiners are still mulling whether to increase crude oil purchases from Saudi Arabia and the UAE for May.
Year-to-date adjustments are now at a net decrease of P15.07 per liter for gasoline, P14.09 per liter for diesel and P18.95 per liter for kerosene.
The oil companies implemented a price rollback of P0.35 per liter for gasoline, P0.70 per liter for diesel and P0.75 per liter for kerosene on April 7.
Meanwhile, the oil companies have expressed support to help the government and the front liners in their fuel needs.
Petron Corp. provided, through SMC Infrastructure, partnered with the Transportation department fuel subsidies to bus units participating in the agency’s Free Ride for Health Workers Program.
The total amount of fuel subsidy is worth P1,890,000.00. Each bus unit is allowed to avail a maximum of 50 liters per day.
Three Petron stations assigned to accommodate bus units participating in the Petron Fuel Subsidy: Pacific Rim Corner Commerce Avenue Filinvest, Muntinlupa; Petron Timog Ave. Cor. Sgt. Esguerra, South Triangle, Quezon City; and EDSA/Sierra Madre in Mandaluyong City.
Cleanfuel also partnered with the department for the Free Bus Ride for Health Workers Program that shuttles all the tireless health workers to their respected hospital duties.
Seaoil Philippines also pledged to provide, until 30 April 2020, free fuel worth P 405,000 to bus units ferrying medical frontliners under the DOTr’s free shuttle service.
The DOTr has announced that 15 bus units participating in the program can avail of up to 50 liters of free fuel daily, which translates to P22,500 per day or a total of 13,500 liters amounting to P405,000.
It also partnered with Phoenix Petroleum and Total Philippines for fuel subsidies for bus units participating in the free ride program for medical frontliners.
Phoenix Petroleum has agreed to provide 50 liters of fuel daily to 60 private bus units participating in the free ride program.