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Sunday, May 04, 2008
Oil firms effect P1 hike on petroleum, LPG prices
MANILA -- A week after implementing a P0.50 per liter increase in pump prices, oil companies have again increased the prices of all petroleum products and liquefied petroleum gas (LPG) by P1.
Malacañang, at the same time, will demand from oil companies a full accounting of its recent price increases.
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Oil companies have already implemented a total increase of P5 per liter in the past two months.
Petron Corporation in a statement said they are increasing the prices of their petroleum products like kerosene, gasoline, and diesel by P1 per liter effective 6 a.m. Saturday.
Like Petron, independent oil firm Total Philippines said it is implementing a P1 per liter hike in their gasoline, diesel and kerosene and also P1 per liter for LPG.
"The increase in the prices is to reflect the continuing rise in crude prices," Petron said.
The average price for Dubai crude for the month of April reached $103.41 per barrel or $6.65 higher than the March average of $96.76.
On April 28, Dubai reached an all time high of $110.20 per barrel, added Petron.
Pilipinas Shell and Chevron, formerly Caltex, also announced Friday night that they are increasing their products by P1 per liter.
Last week, oil firms implemented a P0.50 per liter increase in the pump prices of their petroleum products.
In increasing the pump prices, oil companies cited the continuing rise in the crude prices.
Oil companies said that as indicated last week, more price increase in petroleum products will likely to happen in the coming weeks, as oil production cost in the world market continue to soar.
The Department of Energy (DOE) implemented earlier a one percent tariff cut for the month of April to cushion the impact of the fuel price hike in the world market.
However, oil officials admitted the tariff reduction would only have very minimal impact because prices in the internal market continue to shoot up.
Presidential spokesman Ignacio Bunye meantime said Energy Secretary Angelo Reyes would call oil firms representatives to a meeting and have them explain the basis for price hikes.
He noted the private sector had also been demanding an explanation and accounting of the price hikes.
Bunye admitted that an accounting of the oil firms' books, which Reyes had sought several months back, will not be made public, at least not until a "few weeks" more.
At that time, Reyes had accounting firm SGV to look into the books of the oil firms in the wake of successive fuel price hikes.
Bunye also appealed to militant groups like the Pinagkaisang Samahan ng Tsuper at Operator Nationwide (Piston) not to resort to a transport strike.
Piston had threatened to mount such a strike if fuel prices were raised by P1 per liter, or by 50 centavos per liter twice a week.
Bunye said world prices of crude oil had gone up so high that it is "understandable" for local fuel firms to raise their prices, though an accounting is needed.
"Huwag natin palalain ang ating hinaharap na problema, ang lahat nakukuha sa paguusap (Let us not worsen the situation, we can address this through a dialogue)," he said of the planned transport strike. (Sunnex)
For more Philippine news, visit Sun.Star General Santos. (May 4, 2008 issue)
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