By Lenie Lectura - March 5, 2019
OIL companies on Monday announced
they will increase the price of gasoline and implement a price rollback for
diesel and kerosene starting Tuesday morning.
In separate advisories, they said
gasoline prices will go up by P0.10 per liter. Diesel and kerosene
prices, however, will be reduced by P0.10 per liter and P0.35 per liter,
respectively.
The price adjustment will be
implemented by Pilipinas Shell, Eastern Petroleum and Total Philippines at
6 a.m. of March 5. Other oil firms are expected to follow suit.
The price adjustment reflects
movements in the international oil market. DOE Undersecretary Felix
William Fuentebella cited “softening demand from China and Japan,” and in
India, as well.
Meanwhile, the DOE said it will have
to coordinate with the Department of Agriculture (DA) regarding the
latter’s proposal to increase coconut content in biodiesel from 2 percent
to 5 percent.
“We have to look at it and
coordinate with DA specifically on the primary purpose why [we must] increase
it to 5 percent,” said DOE Director Mario Marasigan.
This, after Agriculture Secretary
Emmanuel Piñol announced he will be lobbying for the increase of biofuel
content in diesel from B2 to B5 to absorb oversupply in the copra industry.
B2 biodiesel is a blend of 2-percent
agricultural products and 98-percent clean diesel, while B5 biodiesel is a
blend of 5-percent agricultural products and 95-percent clean diesel.
He said the DOE is conducting its
own study on this. “Every two years, we review it. We have to look at the
socioeconomic impact. The study has yet to be finished,” said Marasigan.
Fuentebella also said that there
should be a “comprehensive analysis” on the proposed increase, though the
agency, he said, is “willing to sit down with the DA.”
If the increase pushes through, this
will result in an upward adjustment in fuel prices.
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