Thursday, May 17, 2018

3 oil firms hike gasoline, diesel prices


By Lenie Lectura - May 14, 2018

OIL firms said on Monday that they will raise the prices of petroleum products to reflect movements in the  international petroleum market.
Prices of gasoline will go up by P1.10 per liter, diesel by P1.20 per liter and kerosene by P0.95 per liter. The increase will take effect on Tuesday.
Seaoil, PTT Philippines and Pilipinas Shell said they would implement the price adjustment at 6 a.m. on May 15. Other oil firms are expected to follow suit.
Last week the Department of Energy (DOE) announced it will  issue a policy for the stringent monitoring of the prices of petroleum products as part of its initiative to protect the interest of the consumers.
Targeted to be issued by the end of June this year, the new policy enables the unbundling of the base prices of petroleum products—gasoline, automotive and industrial diesel, kerosene, jet fuel, bunker fuel oil and household and automotive liquefied petroleum gas.
“Identification of the costing for the major components of these petroleum products that may affect the pump prices would provide a higher level of transparency for our consumers, particularly the motorists,” Energy Secretary Alfonso G. Cusi said.

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