Oil price hike today

Danessa Rivera (The Philippine Star) - June 23, 2020 - 12:00am

https://www.philstar.com/headlines/2020/06/23/2022811/oil-price-hike-today

MANILA, Philippines — Motorists will have to pay more for fuel this week as the additional tariffs on petroleum products now reflect on prices.

Prices of gasoline will rise by P1.05 per liter, diesel by P0.85 per liter, and kerosene, P0.30.

This is the third week of gasoline price increase, and the seventh week for diesel and kerosene.

In separate advisories, Flying V, Petro Gazz, Petron Corp., Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., PTT Philippines and Seaoil Philippines said their price adjustments take effect at 6 a.m. today. Unioil’s price hike takes effect at 6:01 a.m., and Cleanfuel’s at 4:01 p.m.

Reuters reported global oil prices rose last week on the back of the promise of Organization of Petroleum Exporting Countries (OPEC) and allied countries to meet their supply cut commitments, as well as the comments of global oil traders Vitol and Trafigura that demand was recovering well.

Major oil companies, meanwhile, reported the implementation of the additional 10 percent tax on crude and petroleum products starting this week.

Based on data from the Department of Energy (DOE), Pilipinas Shell Petroleum Corp. reported that 647 Shell retail stations have implemented the tariff adjustment amounting to P1.45 per liter for diesel products only.

Petron Corp. has also started implementing an additional P1.60 per liter on diesel products since last week at 1,151 stations.

It will also start imposing the additional duty on diesel at 47 stations today, 726 stations on June 24, 57 stations on June 25, 10 stations on June 26, two stations on June 28, and 12 stations on June 30.

Chevron Philippines Inc. reported to the DOE that it would implement the 10 percent additional import duty at select stations next month.

The additional 10 percent tax on crude and petroleum products is provided for under Executive Order No. 113, signed by President Duterte last May 2 to help augment government funding for efforts to address the coronavirus disease 2019 (COVID-19) crisis.

The DOE said the additional tax should be reflected in prices only after oil companies have exhausted existing inventories purchased prior to the issuance of EO 113.