POCKETS of consumers are taking a beating anew as gasoline prices will increase by Php0.40 per liter, diesel by Php0.20 per liter, and kerosene by Php0.15 per liter today.
The increases are effective 6 a.m. today and notices have been sent by Pilipinas Shell Petroleum Corp., Seaoil Philippines, PTT, Total, Flying V, Petro Gazz, and Phoenix Petroleum Philippines Inc.
The other industry players are anticipated to follow the increase often anchored on the swing of market forces.
In areas affected by typhoon “Ompong” (international name “Mangkhut”), a price freeze is still “in force,” although some industry stakeholders noted that it was a “futile exercise” because many of the oil companies in these areas also sustained some degree of damages in their facilities, with a number of them rendered “inoperative.”
The price hikes are relatively marginal but data from Department of Energy over the nine-month stretch would show that the aggregate cost uptick on average for gasoline already hovered at Php9 per liter, diesel by Php9.15 per liter, and kerosene by Php8.10 per liter.
DoE-Oil Industry Management Bureau Assistant Director Rodela I. Romero said price hikes this week would still be due to “Iran sanctions and increase in demand in the Asian region.”
The consuming public had been seeing a seesaw in price movements that since the start of the year but upswings obviously reigned in the past nine months, also due to the sizeable excise taxes enforced on oil commodities due to the Tax Reform for Acceleration and Inclusion Act of the Duterte administration. (Myrna M. Velasco)
