Oil firms raise fuel prices anew

Oil players have added a new burden to the constantly increasing prices of fuel products, one peso on each liter of diesel fuel and on every liter of kerosene as well as 50 centavos on each liter of gasoline.

Oil executives claimed this new round of oil increase, actually the second this week, was an adjustment to reflect oil prices in the world market.

Independent players Seaoil Philippines Inc. and PTT increased their oil prices, following the price increases that oil firms Pilipinas Shell, Flying V, Chevron Philippines Inc. and Total carried out yesterday.

With the newest increase, the retail price per liter of Shell’s and Chevron’s diesel fuel now stands at P28.80 while their unleaded gasoline now fetches a price of P35 a liter, and their kerosene, P35 a liter.

Pump prices at Flying V and Total gas stations are now P25.50 a liter for diesel; P31 a liter for unleaded, and P35 a liter for kerosene.

It is recalled that these oil firms on Wednesday jacked up the prices of their fuel products by as low as P1 to as much as P1.50 per liter.

Jose Victor Cruz, vice president of Flying V, said the oil firms were compelled

to adjust their retail prices after world crude oil price jumped to $60 a barrel last week.

Cruz also said they would further increase their retail prices should should the cost of crude oil in the world market continue to rise.

The Department of Energy reported that as of April 1, average Dubai crude oil price stood at US$47 per barrel as against US$46 per barrel in March, the Department of Energy (DoE) reported.

So far this year, gasoline prices have been jacked up by P6.25 a liter; diesel by P4 a liter and kerosene, by P2.50 a liter.–Pat C. Santos, Daily Tribune