philippine news

Jul 19, 2008

Diesel goes up by P3; gasoline up anew by P1

Donnabelle Gatdula
Philippine Star

As world crude prices soften, a whopping P3 per liter increase in diesel prices is being implemented this weekend, the highest increase so far in the fuel used by most mass transporation vehicles.

The oil firms decided to carry out what they described as a “one-time, big-time” increase even as they came under fire from consumer groups and militant organizations for allegedly taking advantage of the rising global crude costs to overcharge consumers.

After rolling back gasoline prices by P1 per liter last week, the oil firms are also raising the price again by P1 per liter.

With the latest increase, the pump prices of diesel and gasoline now approach the P60 and P63 per liter mark, respectively.

Diesel price will range from P57.48 to P59.47 per liter; unleaded gasoline, P59.10 to P62.28 per liter; and kerosene, P59.41 to P63.30 per liter.

As of late afternoon yesterday, small oil players Seaoil Philippines, Eastern Petroleum, Unioil Petroleum and Flying V had raised their diesel prices by P3.

The four oil firms will also increase the price of their kerosene products by P1.50 per liter.

Earlier, the oil firms indicated their intention to implement a “one time big time” price adjustment, purportedly to “end the agony” of the transport sector.

Prior to the P3 per liter adjustment, oil firms claimed that they had a P5 per liter under-recovery for diesel for the month of June.

But with the current oil price trend, sources said the under-recovery for diesel as of July already amounted to P2 to P3 per liter.

As of yesterday, unleaded gasoline in Mean of Platts Singapore (MOPS), the pricing benchmark used by oil importers, averaged $142.91 per barrel from its June average of $140.30 per barrel.

MOPS for diesel also soared to $175.73 per barrel from the June average of $169.36 per barrel.

Dubai crude, the price gauge of oil refiners, also went up to $137.02 per barrel from $127.82 per barrel.

However, liquefied petroleum gas or cooking gas remained steady at P633 to P689.50 per 11-kg tank.

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