By Myrna M. Velasco
Local oil companies have increased prices following two weeks of rollbacks effective today.
Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines Inc., PTT Philippines, Chevron (formerly Caltex), Total, Seaoil, and Eastern Petroleum increased diesel prices by P0.45 per liter, P0.20 per liter for gasoline, and P0.45 per liter for kerosene, effective 6 a.m. today. The rest of industry players are expected to follow.
The agile swing in international oil prices triggered this week’s increase. Prices in the world market had been on slight uptick in last week’s trading, which is the main driver for this week’s price hikes.
But according to the Department of Energy, this was also partly triggered by the further devaluation of the Philippine peso against the US dollar which reached P53.23 to $1 last week.
Prior to this week’s adjustment, average prices in Metro Manila had been P40.25 to P50.83 per liter for diesel, P47.80 to P61.75 per liter for gasoline, and kerosene at P46.77 to P55.86 per liter.
