By Myrna M. Velasco
Pump prices are up again this week for the sixth time since the start of the year, with gasoline prices rising by P0.50 per liter and diesel by P0.35 per liter.
Kerosene products – generally used for lighting needs of rural areas and also a base for aviation fuel – will go up by P0.60 per liter this week, oil companies said.
As of press time, oil industry players that have already announced price adjustments are Flying V and Pilipinas Shell Petroleum Corp. Their price hike takes effect at 12:01 a.m. and 6 a.m., respectively, today.
Other oil companies are expected to follow the price adjustments.
Adding increases from excise taxes due to the Tax Reform for Acceleration and Inclusion Act, diesel prices have already soared by as much as R5.90 per liter since Jan. 1 and gasoline by R5.12 per liter.
With the weekly climb in prices, the Department of Energy is enforcing a stricter policy on providing explanation to pricing adjustments of oil companies – and to the extent possible, the industry players are also mandated to unbundle or itemized their costs being passed on at the pumps.
“We require them to make public announcement for any pump price adjustment – whether it’s an increase or decrease, including the reason for such adjustment,” said DoE Assistant Director Rodela I. Romero.