By Myrna M. Velasco
With global oil prices breaking into the $80 per barrel level in last week’s trading, oil companies are implementing a hefty increase in pump prices effective this morning – with gasoline prices rising by P1.60 per liter and diesel by P1.15 per liter.
Kerosene prices will also rise by P1 per liter in this batch of adjustments, according to the oil companies.
The first industry players to raise prices were Pilipinas Shell Petroleum Corp., Flying V, PTT Philippines, Eastern Petroleum, Total Philippines, and Seaoil.
They will make the adjustments effective 6 a.m. today while the rest of the industry players are anticipated to follow.
Prior to this big-time hike, prices at domestic pumps have been at P49.25 to P59.26 per liter for gasoline with 95-octane rating; P40.25 to P46.33 per liter for diesel; and P46.27 to P50.88 per liter for kerosene.
According to Energy Secretary Alfonso G. Cusi, the incessant increases in petroleum prices are “being monitored closely” by the Department of Energy because this will impact on consumers’ spending power.
The other facet of that, he said, is the $80 per barrel “trigger level” for the excise taxes in petroleum products under the Tax Reform for Acceleration and Inclusion Act getting scrapped if prices will swell consistently within the prescribed time frame of three months.
