By Lenie Lectura - February 5, 2018
https://businessmirror.com.ph/oil-firms-ordered-to-be-more-transparent-as-prices-up-anew/
THE Department of Energy (DOE) said last Monday it would require oil firms to provide consumers a more detailed reason for adjustments in pump prices.
“The DOE secretary requires them to unbundle their prices, cite the reason for the decrease or increase, and the DOE will validate this in the spirit of transparency,” Rodela Romero of the DOE Oil Industry Management Bureau said. “There is already a draft circular on this.”
Representatives of oil firms were already briefed on this, according to DOE Assistant Director Romero.
“They are more than willing to comply,” the DOE official added.
Romero spoke during a news briefing on the increase in pump prices. For the sixth consecutive week, pump prices were increased to P0.50 per liter for gasoline, P0.35 per liter for diesel and P0.60 per liter for kerosene.
The price adjustment will take effect at 6 a.m. on February 6. The price increase was announced on Monday afternoon by PTT Philippines, Eastern Petroleum and Pilipinas Shell. Other oil firms are expected to follow suit. The firms cited movements in the international petroleum market as reason for the price hike.
Since January 1 gasoline prices increased by P5.12 per liter and diesel by P5.90 per liter. The cumulative price adjustment was brought about by higher imported fuel prices and excise tax.
During the January 22 to January 26 trading days, Dubai crude increased week-on-week by $0.43 per barrel. MOPS gasoline and diesel increased by nearly $0.96 and $0.82 a barrel, respectively.
The peso also depreciated against the greenback by P0.33 to P50.91, from P50.58 in the previous week.
Based on DOE monitoring, oil prices were higher after OPEC and other major oil producers expressed their intention to extend production cuts beyond 2018. Also, global economic growth and expectations of robust global oil demand are pushing oil prices higher.
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