By Danessa Rivera (The
Philippine Star) | Updated September 5, 2017 - 12:00am
MANILA, Philippines — Pump prices
are up again today amid tighter supply in the international market as Hurricane
Harvey shut down major refineries in the United States.
This is the ninth straight week that
oil companies increased gasoline prices and the third consecutive week for
diesel and kerosene prices.
Gasoline and diesel prices were
raised by P0.40 per liter and kerosene prices by P0.50 per liter.
Pilipinas Shell Petroleum Corp. and
SeaOil Philippines Inc. implemented the prices increases starting 6 a.m.
In a separate advisory, Flying V
said it made the same price adjustments starting 12:01 a.m. while those of
UniOil Petroleum Philippines Inc. took effect at 6:01 a.m.
Meanwhile, Eastern Petroleum Corp.,
Phoenix Petroleum Philippines Inc. and PTT Philippines Corp. announced the same
price adjustments on gasoline and diesel products at 6 a.m.
Department of Energy-Oil Industry
Management Bureau assistant director Rodela Romero said the impact of Hurricane
Harvey on supply primarily pushed the oil prices hikes.
“The increase in prices was
primarily due to disruption in supply. The US has a big impact on the
international market, especially with 11 refineries in Texas that went on total
shutdown due to Harvey,” she said.
Because of the shutdown, the US had
to outsource its supply in the international oil market.
“The production of these refineries
is equivalent to three million barrels per day – almost 16 percent of the total
US demand. This meant they needed to source from the international market,”
Romero said.
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