Consumers can expect another round of oil price hikes this week of as much as P0.50 per liter, reflecting three consecutive weeks of price increases in the world market.
Unioil Petroleum Philippines announced over the weekend that fuel prices are expected to go up from September 14 to 20 to reflect the movement of prices in the world oil market.
“Diesel will increase by P0.30 to P0.40 per liter. Gasoline will increase by P0.40 to P0.50 per liter,” the company said in its weekly advisory.
Oil prices went up due to supply tightness owing to Hurricane Ida in the United States. However, China’s announcement it will release its oil reserves to the market, increasing supply, dampened oil prices.
On September 7, local oil companies raised prices in domestic oil products by P0.50 per liter for gasoline, P0.95 per liter for diesel, and P0.60 per liter for kerosene.
These resulted in year-to-date adjustments at a total net increase of P13.35 per liter for gasoline, P10.90 per liter for diesel, and P8.70 per liter for kerosene, according to the Department of Energy.
As this developed, Chevron Philippines Inc., which markets the Caltex brand, announced it is continuing its expansion plans this year.
The company has opened 18 new sites to date from more than 600 stations nationwide as of end-December 2020.
Chevron opened six new service stations in Cavite, Isabela, Camarines Sur, Pampanga, Quezon City, and Iloilo in the second quarter alone amid the pandemic.
“Caltex continues to move forward with expanding to serve the needs of Filipino motorists and the country. As the economy opens up, more vehicles will be filling the roads again. They will need access to safe and quality fuels which Caltex offers in our growing retail network in key urban centers and thoroughfares across the country,” CPI Country Chairman Billy Liu said.
Caltex also launched Biyaheng Bakunado, as its contribution to hike the ranks of the vaccinated. Motorists can just present their vaccine cards to get hefty discounts up to P3 per liter.
“We believe Filipinos work hard for their money and are always looking for ways to bring more to the table. Through these reward programs we give our customers more value for their money,” Liu added.
Meanwhile, JG Summit Petrochemicals Group announced over the weekend it entered the fuel sector as it kickstarts the formal operations of a new subsidiary dedicated to the wholesale trading of liquefied petroleum gas.
Peak Fuel Corporation, JGSPG’s new business unit organized in January 2020 to supply LPG to refillers and marketers, commenced its fuel trading business in August with its first sale of LPG delivered to a customer in southern Luzon.
JGSPG and Peak Fuel president and chief executive officer Patrick C. Go said that Peak Fuel is expected to “contribute positively to the overall better performance of JGSPG in 2021,” driven by the company’s vision to be the preferred supplier of LPG in the Philippines and anchored on its mission to support local industries through the reliable supply of essential fuels.
The newest LPG player in the market, Peak Fuel is capable of supplying customers either through land- or sea-based channels through its facility inside the world-class JGSPG complex in Barangay Simlong, Batangas City.
Peak Fuel imports refrigerated LPG through Very Large Gas Carrier (VLGC) ships, which are received through the jetty facility of the complex. The LPG is then stored in two refrigerated tanks with a combined capacity of 32,000 metric tons.
For customers with land-based channels, the company has two LPG bullet tanks designed for truck loading with a combined capacity of 900 MT.
To serve its domestic and export customers with sea-fed terminals, it can fill pressurized gas carriers from its two spherical tanks, which have a combined capacity of 8,000 MT.
With these facilities, Peak Fuel has the largest storage capacity in a terminal among domestic players today.
Samuel Co Chan, general manager of Peak Fuel, said the company aims to “establish itself as a reliable LPG supplier in the country, contributing to the domestic market by making LPG readily available and more affordable, which ultimately will be for the benefit of the Filipino consumer.”