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Friday, March 29, 2024

Unioil sets off price cut by P0.80/liter

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Pump prices will likely go down by as much as P0.80 per liter effective Tuesday to reflect the movement of prices in the world market.

Unioil Philippines said during the weekend consumers could expect diesel and gasoline prices to go down by P0.80 per liter.

“Expect fuel prices to go down next week (November 3 to 9),” it said.

Diesel should go down by P0.80 per liter. Gasoline should go down by P0.80 per liter,” Unioil Philippines said in its weekly advisory.

World oil prices decline amid continuing increase in coronavirus infections especially in the US and renewed lockdowns from various countries which could dampen demand.

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Meanwhile, the oil firms raised the price of cooking gas or liquefied petroleum gas (LPG) by as much as P3.20 per kilo effective 12:01 am November 1.

Petron Corp. and Phoenix Petroleum Philippines implemented a P3.20 per kilo increase (VAT-inclusive) while rival Isla LPG which markets the Solane brand raised its LPG product prices by P2.84 per kilo.

This equivalent to an increase of P31.24 to P35.20 per 11-kilo tank, which currently sells from P560 to P798 per tank depending on the supplier, market conditions, and location, among others.

“AutoLPG prices will likewise increase by P1.79/li at the same time. These reflect the international contract price of LPG for the month of November,” Petron said.

On October 27, the oil companies rolled back the price of diesel by P0.25 per liter and kerosene by P0.15 per liter to reflect the movement of prices in the world oil market but did not move gasoline prices.

These resulted to the total year-to-date adjustments to stand at a net decrease of P4.67 per liter for gasoline, P10.26 per liter for diesel and P13.59 per liter for kerosene, according to the Department of Energy’s monitoring report.

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