DOMESTIC pump prices went up by as much as P0.60 per liter due to increased demand from the United States and China and the decision of both members and non-members of the Organization of Petroleum Exporting Countries.
The oil firms raised diesel prices by P0.60 per liter, gasoline by P0.45 per liter and kerosene by P0.55 per liter effective 6 a.m. Oct. 18.
This is the sixth consecutive increase for gasoline and the fifth for diesel.
The oil companies that issued the price advisories included Seaoil Philippines, Flying V, PTT Philippines, Phoenix Petroleum, Unioil Philippines, and Flying V. Other oil companies are expected to follow suit.
“Phoenix Petroleum will increase the prices of gasoline by P0.45 per liter and diesel by P0.60 per liter effective 6 a.m. Oct. 18, 2016,” the company said in its advisory.
Last Oct. 11, the oil firms implemented a hefty price increase for diesel and kerosene of P1.55 per liter and P0.85 per liter for gasoline due to the increasing global demand.
The oil firms have been moving forward to make available cleaner fuels to the market.
Petron Corp. last week marked another breakthrough in fuels technology with the introduction of the Blaze 100 Euro 5—the first Euro 5 standard fuel in the country.
Petron launched its Euro 5 compliant fuel after successfully launching a full range of locally-produced Euro 4 fuels almost a year ago. Rival Unioil is also preparing to launch its Euro 5 fuels.
“Petron is proud to introduce another revolutionary fuel specially formulated for Philippine driving conditions,” Petron president and chief executive Ramon Ang said in a statement.
Ang said with the highest octane rating but the lowest sulfur content, Petron Blaze 100 Euro 5 is the best gasoline in the market by far in terms of power, efficiency, and reduced emissions.
“We will continue to innovate and lead in fuels technology so we can put more savings in our customers’ pockets while improving air quality across the nation,” Ang said.
Petron’s Blaze 100 Euro 5 contains significantly less sulfur, 10 ppm (parts per million) compared to other Euro 4 fuels (50 ppm).
It also has less benzene (less than one percent of volume)—a known carcinogen—compared to the Philippine standard which allows up to two percent by volume in gasoline. It is now available nationwide.
Petron said high sulfur levels in fuel, when combined with water vapor, can harm the environment and cause corrosive wear on valve guides and cylinder liners, leading to premature engine failure.
The Blaze 100 Euro 5 with significantly low sulfur content and advanced additives technology, delivers the following benefits, namely optimal power and acceleration due to extremely high octane and performance additives; exceptional engine cleanliness because of its high quality base fuel and fully synthetic detergent additive; better fuel economy due to its friction modifier and combustion improver additives; and lower emissions and longer catalytic converter life.
Petron said while Blaze 100 Euro 5 is recommended for high-end, high-performance vehicles, other vehicles will get the same power and improved fuel economy because of its special formulation.
Petron’s Blaze 100 Euro 5 was “road-tested” recently as the official fuel of the Philippine Leg of the 2016 Formula 4 South East Asia (F4/SEA) Championship at the Clark International Speedway in Pampanga.
Petron’s Blaze 100 Euro 5 is the first and only gasoline in the country with a Research Octane Number of 100 that has exceptional resistance to “engine knocking” that results in uneven fuel burn, greater fuel consumption, and even engine damage.
The company, the largest oil refining and marketing company in the Philippines, is a leading player in the Malaysian market. It has a combined refining capacity of 268,000 barrels-per-day and produces a full range of world-class fuels and petrochemicals.
Petron has over 2,800 service stations where it retails gasoline and diesel.