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Sunday, July 13, 2008
P1.50 fuel hike imposed
MANILA -- After rolling back the price of gasoline at P1 per liter last Wednesday, oil companies early morning of Saturday jacked up by P1.50 per liter the prices of their petroleum products.
Petron Corporation, Pilipinas Shell, and Chevron Philippines together with the independent oil players Total Philippines, Unioil Petroleum, Flying V, and Eastern Petroleum imposed a P1.50 per liter price hikes on diesel and kerosene and P1 per kilogram in the cost of liquefied petroleum gas (LPG).
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Raffy Ledesma of Petron Corporation explained that the price adjustment is to reflect international oil prices.
"Dubai crude is averaging US$137.23 in July higher than the US$127.82 price last June," Ledesma said.
Oil companies said they still have P6 under recoveries for the month of June.
This is the 19th time oil firms implemented price adjustment in their petroleum products for this year.
As of July 10, prices of unleaded gasoline now stands at P58.75 to P60.98 per liter; diesel between P53 to P54.97 per liter; kerosene at P57.10 to P60.30 per liter; and 11 kg LPG ranged between P633.48 to P689.98.
Dubai crude as of July 11, based on the monitoring of the Department of Energy (DOE) was pegged at US$137.23 per barrel higher than the US$127.82 in June and US$119.50 average for the month of May.
The average price for diesel for the month of July was valued at US$176.86 per barrel, higher than the US$169.36 amount in June and US$161.22 average for the month of May. (MSN/Sunnex)For more Philippine news, visit Sun.Star General Santos. (July 13, 2008 issue)
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