Danessa
Rivera (The Philippine Star) - March 19, 2019 - 12:00am
MANILA, Philippines —
Local oil firms are raising pump prices today, with a steep increase for
gasoline, amid a tight supply situation in the Asian market.
In separate advisories,
oil companies announced that gasoline prices would be increased by P1.45 per
liter, diesel by P0.30 per liter and kerosene by P0.40 per liter. This is the
sixth consecutive week for gasoline price increases. There were no adjustments
in diesel and kerosene prices last week.
Caltex Philippines said
it would implement the price hike by 12:01 a.m. while Petro Gazz, Pilipinas
Shell Petroleum, PTT Philippines and Seaoil Philippines said they would
implement the increases starting this 6 a.m. Other oil companies have yet to
announce their respective price adjustments as of this writing.
The monitoring done by the Department of Energy (DOE) showed that the tight
supply of oil in the Asian region pushed up local prices.
“Fundamentals in the
Asian gasoline market strengthened further at the end of the trading week as
greater evidence of supply tightness emerged with news of refinery maintenance
in the region,” the DOE said.
Those undergoing maintenance include Japan’s largest refiner JXTG Nippon Oil
& Energy until April 14 while Petronas will be starting its scheduled
maintenance program on March 20.
Meanwhile, Sinopec
announced plans to shutdown its Dongxing refinery at Zhanjiang in southern
China’s Guangdong province for a two-month maintenance starting July 3 until
around Sept. 3.
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