Oil companies announce petroleum-products price hike

By BusinessMirror - July 3, 2017

http://www.businessmirror.com.ph/oil-companies-announce-petroleum-products-price-hike/

AFTER four consecutive weeks of oil-price reduction, oil companies are going to implement a price hike effective on Tuesday, July 4.

In separate announcements, they said gasoline prices will go up by P0.30 per liter, diesel by P0.70 per liter and kerosene by P0.55 per liter.

Pilipinas Shell, Eastern Petroleum Corp., Flying V, Total Philippines, PTT Philippines, Phoenix Petroleum and Seaoil said they are going to implement the upward price adjustment at 6 a.m. on Tuesday.

Other oil firms are expected to follow suit.

Prior to this announcement made on Monday, the total price rollback for gasoline amounted to P2.45 per liter and diesel by P2.2 per liter in the last four consecutive weeks.

Resulting price adjustments concerning petroleum products are implemented every Tuesday of the week. The Department of Energy (DOE) said rising demand in the US and Asia, as well as the weakening peso against the US dollar, led to an uptick in oil prices.

“The fundamentals are really the supply and demand, but there are other factors as well, such as the peso-dollar exchange rate,” DOE Assistant Director Rodela Romero said. “There’s the refinery maintenance in Asia, results of drilling operation in the US, and the recent storm Cindy. So all of these affected oil production,” she said.