Fuel prices up today

By Danessa Rivera (The Philippine Star) | Updated July 4, 2017 - 12:00am

http://www.philstar.com/headlines/2017/07/04/1716219/fuel-prices-today

MANILA, Philippines - After four straight weeks of rollbacks, oil companies raised pump prices today due to higher demand and lower US production of petroleum products.

In a text advisory, Pilipinas Shell Petroleum Corp. said that effective 6 a.m., gasoline prices increased by P0.30 per liter, kerosene prices by P0.55 per liter and diesel by P0.70 per liter.

SeaOil Philippines Inc. also implemented the same price hikes on its fuel products starting 6 a.m.

“This is to reflect movements in the international petroleum market,” it said.

In a separate advisory, Flying V said the same price increases took effect at 12:01 a.m.

Meanwhile, Eastern Petroleum Corp., Phoenix Petroleum Philippines Inc. and PTT Philippines Corp. raised gasoline prices by P0.30 per liter and diesel prices by P0.70 per liter at 6 a.m.

Petron Corp., Total Philippines Corp. and UniOil Petroleum Philippines Inc. have yet to announce their respective price increases as of last night.

In the international market, oil prices rose for seven straight sessions as US production decreased, coupled with stronger demand from China, according to Reuters.

Some refineries in Asia are also on maintenance shutdown until the end of June, bringing down the supply in the region, Department of Energy-Oil Industry Management Bureau assistant director Rodela Romero said.

Higher demand was also observed after Ramadan, while increased demand was seen in some Asian countries, including Vietnam, India, Sri Lanka and China, Romero said.

Meanwhile, Pilipinas Shell said it has extended the maintenance schedule of its refinery in Tabangao, Batangas. The shutdown started last May 6 and was supposed to be finished last July 2.

“Following the inspection and subsequent technical assessment by our highly trained refinery personnel, it was determined that certain equipment required more rigorous repair methods and therefore, more time to ensure the continuing safety and reliability of the plant,” the company said.

Shell said the decision to extend the preventive maintenance shutdown is a demonstration of its commitment to the highest standards of process and personal safety.

“Our customers and stakeholders can rest assured that all necessary measures have been put in place to ensure the continuous supply of quality fuel products to the market,” it said.