Updated
By MYRNA VELASCO
Prices at petroleum
pumps will rise again this morning by as much as P0.55 per liter for diesel;
and P0.20 per liter for gasoline products, according to the pricing advisories
of the oil companies.
The price of kerosene
will also climb by P0.40 per liter in this week’s cost swings generally
scheduled at 6 a.m. today.
As of press time, the oil companies that already hiked prices were Pilipinas Shell Petroleum Corporation, Eastern Petroleum, PetroGazz, PTT Philippines and Total while the rest of the industry players are anticipated to follow.
As of press time, the oil companies that already hiked prices were Pilipinas Shell Petroleum Corporation, Eastern Petroleum, PetroGazz, PTT Philippines and Total while the rest of the industry players are anticipated to follow.
This week’s price
increases will basically complete the series of cost upticks this January –
which essentially breaches already its fourth week.
Factoring in the additional excise taxes levied on petroleum products for this
year, the rise in prices this January alone could hover at P6.15 per liter for
diesel; P4.74 per liter for gasoline; and P4.07 per liter for kerosene.
Most of the oil
companies were already monitored increasing excise taxes at their retail
networks; although some claimed they have not imposed yet the additional tax
levy.
The initial weeks of
the year sent fresh round of ‘shock waves’ in the global oil industry following
the enforcement of production cutbacks committed by the Organization of the
Petroleum Exporting Countries (OPEC) and its ally-producers led by Russia.
Beyond that, however,
there are other factors weighing heavily on international oil prices –
including forecasts slowdown of global economic growth primarily for Asian
superpower China.
Tame economic outlook had likewise been generally supported by ‘bearish’
forecasts that no less than the International Monetary Fund (IMF) had laid
down.
The boom-and-bust cycle
in the global oil sector still proved a “puzzling terrain” especially for many
import-dependent countries like the Philippines – that coping mechanism cannot
come soon as expected hinging on cost swings in the world market.
The Philippines has
been intending to beef up its ‘oil reserve’ with the State eyeing its
investment plunge into the deregulated oil market – but an array of impediments
had been delaying even its initial diesel importation plan.
Meanwhile, Reuters
reported from Singapore yesterday that oil prices fell by 1 percent on Monday
after US companies added rigs for the first time this year, a signal that crude
output may rise further, and China, the world’s second-largest oil user,
reported additional signs of an economic slowdown.
US crude oil futures were at $53.13 per barrel at 0543 GMT, down 56 cents, or 1
percent, from their last settlement. (With a report from Reuters)
International Brent
crude oil futures were at $61.03 a barrel, down 61 cents, or 1 percent.
High US crude oil production, which rose to a record 11.9 million barrels per day (bpd) late last year, has been weighing on oil markets, traders said. (With a report from Reuters)
High US crude oil production, which rose to a record 11.9 million barrels per day (bpd) late last year, has been weighing on oil markets, traders said. (With a report from Reuters)
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