Oil firms hike prices

MANILA, Philippines – Oil companies implemented yesterday a new round of oil price increases.

Petron Corp., Pilipinas Shell Petroleum, Chevron Philippines, SeaOil Philippines and Total Philippines jacked up pump prices of regular and premium gasoline by 50 centavos per liter.

Petron increased the price of diesel by 70 centavos per liter, while all other oil firms hiked prices of diesel by 85 centavos per liter.

Shell, Petron and Chevron increased the price of kerosene by 85 centavos per liter.

Petron said the price adjustments reflect movements in the international oil market.

It is the sixth oil price increase this year, against two price reductions.

Data from the Department of Energy (DOE) showed that the year-to-date net increase stands at P3.60 per liter for gasoline and P2.15 per liter for diesel.

The DOE on Monday warned consumers of expected oil price hikes, given the $1 to $4 per barrel increase in benchmark global prices brought about by the continuing political uncertainties in Iran, Sudan and Nigeria that are causing supply risks.

Meanwhile, the fisherfolk group Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) accused oil companies of being “heartless on Valentine’s Day” after the people were hit yesterday with another round of increases in the prices of petroleum products.

“Valentine’s Day is supposed to be a day for celebration of love, humanity and redemption. But the oil cartel jacked up prices of oil products anew,” said Pamalakaya chairman Fernando Hicap.

“All efforts to effectively curb oil cartel operations and schemes are being shot down by Malacañang to avoid political confrontation with the ruling oil syndicate in the country headed by Pilipinas Shell, Chevron and Petron,” he said.

“The 40-centavo increase in the price of gasoline per liter and the 80-centavo hike in the price of diesel was Aquino’s Valentine gift to the Filipino people,” added Hicap.

Farmers also urged the Aquino government to raise palay prices to P20 per kilo, citing the increase in the costs of production brought about by the unabated oil price increases.

Kilusang Magbubukid ng Pilipinas secretary-general Danilo Ramos said that “while farmers shoulder the rising costs of production, palay prices remain very low. Farmgate prices of palay cannot even help us recover from the skyrocketing costs of production.”

Ramos said that “including land rent, fertilizers, pesticides, and machinery rentals, the cost of production would shoot up to a minimum of P75,000 per hectare.”

The National Food Authority (NFA) buying price of palay is P17 per kilo. – Ding Cervantes, Rhodina Villanueva, (The Philippine Star)