Oil companies raise fuel pump price for second time this month

By Lenie Lectura - July 9, 2018

https://businessmirror.com.ph/oil-companies-raise-fuel-pump-price-for-second-time-this-month/

Oil firms announced on Monday an upward adjustment in the prices of petroleum products to take effect on Tuesday morning.

Phoenix Petroleum, PTT Philippines, PetroGazz, Flying V said in separate advisories that gasoline prices will increase by P0.40 per liter and diesel by P0.35 per liter effective 6 a.m.

Pilipinas Shell will also implement the same price adjustment. It also announced a price hike in kerosene by P0.70 per liter.

Other oil firms have yet to announce their price adjustments, but are expected to follow suit.

This is the second consecutive oil price hike this month. On July 3 oil firms raised gasoline prices by P0.65 per liter and diesel by P0.55 per liter.

The Department of Energy (DOE) earlier said it will mandate oil firms to unbundle or itemized their costs being passed on at the pumps.

The proposed 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 (LPG). This is the first time that the DOE will require oil companies to make public the breakdown of the costs that go into the pricing of fuel.

The objective of the proposed circular is to mandate industry players to explain to consumers the cost components of the petroleum products.

The DOE was expected to issue the circular last month. However, consultations with the oil firms are still ongoing.

Meanwhile, the DOE published on Monday a joint administrative Order (JAO) that directs all LPG participants to observe the minimum safety standards in the transportation and distribution of LPG in cylinders.

The DOE is the agency that will issue the standards compliance certificate to all LPG industry participants.

The Department of the Interior and Local Government, meanwhile, will issue a memorandum circular to all local chief executives enjoining them to direct LPG participants within their jurisdiction to comply. It will also suspend or revoke licenses and permits of violators.

The Bureau of Fire Protection, meanwhile, shall issue fire-safety clearance for approved delivery vehicle used for the transport of LPG in bulk and in cylinder.

The Land Transportation Office will apprehend drivers that violate any provision of the JAO. The Metropolitan Manila Development Authority, meanwhile, will conduct a flag-down operations and inspection of LPG delivery vehicles.