Catherine Talavera (The Philippine
Star) - August 28, 2018 - 12:00am
MANILA, Philippines — Oil companies implemented
an increase in the prices of fuel today due to price movements in the
international market.
Gasoline prices were raised by P0.10
per liter, diesel by P0.60 per liter and kerosene by P0.45 per liter.
Last week, oil companies implemented
an increase in the price of gasoline, a rollback in the price of kerosene,
while no price movements were made for diesel.
Pilipinas Shell Petroleum Corp.
(PSPC), Chevron Philippines Inc., Phoenix Petroleum Philippines Inc., PTT
Philippines Corp., Total Philippines Corp., Seaoil Philippines Inc., Petro Gazz
and Jetti Petroleum implemented the price changes starting 6 a.m.
“This is to reflect movements in the
international petroleum market,” Seaoil said in an advisory.
Flying V, Petron Corp., Unioil
Petroleum Philippines Inc. and Eastern Petroleum have yet to announce their
respective price changes as of press time.
The benchmark Brent crude LCOc1
settled up $1.09 a barrel, or 1.5 percent, at $75.82 a barrel Friday, while US
crude CLc1 was up 89 cents, or 1.3 percent, at $68.72, according to a report by
Reuters.
On a weekly basis, Brent rose 5.3
percent, ending a three-week decline, while US crude prices jumped four percent
after seven weeks of decline.
In a separate statement, PSPC said
it has implemented an additional discount of P0.25 per liter on diesel fuels
for public-utility jeepneys (PUJs) in more than 50 percent of its retail
stations where there is high density of PUJs starting 6 a.m. on Aug. 25.
This is in support of the Department
of Energy’s directive to offer Euro 2 diesel in a bid to address increasing
inflation.
PSPC said the additional discount is
in lieu of reintroducing Euro 2 diesel fuels, which may take three to six
months to implement due to necessary added infrastructure and facilities needed
to adapt to the proposed fuel option.
PSPC added that the reintroduction
of Euro 2 diesel may also have minimal to zero net benefit, given the
additional cost mentioned and may pose potential health and environmental risks
because of its higher sulfur content.
“PSPC will continue to support the
government through DOE in alleviating the plight of motorists and the general
public. We enjoin motorists to visit our participating retail stations to avail
of this special program,” the company said.
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