Oil firms raise pump prices for eighth time this year

OIL companies raised pump prices for the third time in less than two weeks as international petroleum prices continued to rise.

In separate text messages, Chevron (formerly Caltex) Philippines Inc., Pilipinas Shell Petroleum Corp. and Eastern Petroleum Corp. announced an increase of P1 a liter for gasoline and P1.50 a liter for diesel.

Chevron and Shell’s adjustment took effect 6 a.m. of Tuesday while Eastern implemented its increase 12:01 a.m. of Wednesday.

Other oil firms did not announce if they would also hike their prices accordingly but have generally kept toe-to-toe with their price movements in the past.

Last week, oil companies raised pump prices twice by as much as P2.25 a liter for gasoline and P1.75 a liter for diesel cumulatively.

The recent price hikes, the eighth this year, implemented by Chevron, Shell and Eastern Petroleum came amid soaring prices of crude and petroleum finished products abroad and in the light of concerns about a potential supply disruption because of unrest in oil-producing nations in the Middle East and North Africa.

Because of this, Energy Secretary Jose Rene Almendras said on Monday that they expected an increase this week, though he did not give a specific figure.

But he added that from $123.4 a barrel and $116.8 a barrel last week, imported diesel and gasoline prices rose to $129.5 a barrel and $127.4 a barrel, respectively, this week.

To help consumers cope with the increase in oil prices, Almendras said that the government is exploring ways on how to give discounts to the transport sector in fuel stations.

“We are looking for ways to help the sector that needs the help the most,” he added.

At present, some oil companies provide discount lanes in their pump outlets for public transportation. –EUAN PAULO C. AÑONUEVO REPORTER, Manila Times