By Myrna M. Velasco
An upswing in global oil prices and the depreciation of the peso against the US dollar have prompted local oil companies to once again increase prices.
Pilipinas Shell Petroleum Corp., Flying V, Eastern Petroleum Corp., Phoenix Petroleum, PTT Philippines, and Total increased prices effective 6 a.m. today – P0.65 per liter for gasoline, P0.35 per liter for diesel, and P0.45 for kerosene.
The rest of the industry players are anticipated to follow this week’s pricing trend.
Prior to this adjustment, average prices for gasoline had been P50.85 to P60.85 per liter; diesel P41.40 to P47.78 per liter; and P47.26 to P57.01 per liter for kerosene.
Despite the increase, leading independent player Phoenix Petroleum Philippines Inc. has jumped the gun on all industry competitors by extending massive discounts to Metro Manila motorists of up to P5 per liter on its gasoline products over a two-day period.
The company announced that it will be “offering its high-performance fuels at discounted rates” from May 29 to 30 from 6 a.m. to 10 p.m.
The discounts of P5 per liter for gasoline and P2 per liter for diesel will be given to motorists at select Phoenix Petroleum stations in Mega Manila.
Phoenix Petroleum Chief Operating Officer Henry Albert Fadullon noted, “we put our customers’ needs first, which is why we are offering this promo to cushion the impact of price increases.”
The company will also implement the discounts at select Phoenix stations in the provinces in the succeeding weeks.
