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Sunday, December 09, 2007
Oil firms hike petroleum, LPG prices anew
MANILA -- Major and independent oil companies have again increased the pump prices of their petroleum products and liquefied petroleum gas despite a decrease in oil costs in the international market.
Petron Corporation, Pilipinas Shell and Caltex Chevron as well as Total Philippines and Eastern Petroleum said they are implementing a 50-centavo per liter adjustment in the prices of their gasoline, diesel and kerosene and P1.00 for LPG.
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The price increase takes effect while the Department of Energy is still waiting for the approval of possible tariff reduction on fuel imports.
"This is still part of cost recovery for November when crude rose by P2.13," says Petron information manager Raffy Ledesma.
Ledesma explained the new price hike brings the November adjustment of P1.78 for gasoline, P1.33 for diesel and for LPG since the increased in contract price has already reached to P4.81 per kilogram.
Both Total and Petron said the increase in gasoline, kerosene and diesel took effect Saturday noon and 6 a.m. Saturday for LPG.
As of November 20, retail prices of gasoline and diesel were placed between P37.50 per liter to P42.50 per liter, the DOE oil price monitoring said.
Meanwhile, an official of the Eastern Petroleum said they are expecting to collect at least P3.00. This means another price hike is likely to happen within this month.
Oil companies reiterated that even if prices in the international front have dropped, the increase they are implementing is meant to recover the costs they incurred when prices in the global market increased the
past few weeks.
The recent appreciation of the peso, according to oil firms did not help much to offset the high cost of petroleum products.
Last week, oil firms raised the LPG by P1.00 bringing the prices of an 11kg cylinder between P529.00 to P602.50 as of November 27, 2007. This is higher than the P558.00 price posted in October.
On the other hand, retail prices of gasoline is estimated to reach to as high as P45 per liter if the DOE fails to address this problem.
Energy Secretary Angelo Reyes in an interview said they already filed a petition before the tariff commission seeking to impose lower taxes on oil imports to cushion the impact of soaring prices of fuel in the world market.
The DOE assured the public that they will continue to monitor price adjustments that will be implemented by oil companies. (Marie Neri/Sunnex)For more Philippine news, visit Sun.Star General Santos. (December 9, 2007 issue)
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