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Saturday, July 19, 2008
Oil prices to increase anew
MANILA -- The prices of diesel, kerosene, and gasoline are set to go up again this weekend.
Independent oil firms Flying V, Eastern Petroleum, and Seaoil Philippines confirmed they would increase the prices of their petroleum products.
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Ramon Villavicencio, chairman of Flying V, said the prices of diesel and kerosene would increase by P3 and P1.50 per liter, respectively.
He said they are still evaluating if there's still a need to jack up the price of gasoline.
With the P3 per liter increase for diesel, its price would be nearing the P60 per liter level or at P57.48 to P59.47 per liter.
Unleaded gasoline will go up to P59.10 to P62.28 per liter and kerosene at P59.41 to P63.30 per liter.
As of July 18, the Mean of Platts Singapore (MOPS) for unleaded gasoline averaged US$142.91 per barrel from its June average of US$140.30 per barrel.
Oil companies reportedly have remaining under-recovery of P2 per liter for diesel.
MOPS for diesel also soared to US$175.73 per barrel from the June average of US$169.36 per barrel.
Dubai crude, the benchmark for oil refiners, also went up to US$137.02 per barrel from US$127.82 per barrel.
The price of cooking gas would remain steady at P633 to P689.50 per 11-kilogram tank.
Likewise, Pilipinas Shell warned that the price of its diesel would likely go up this weekend.
"Fuel costs are still below landed cost but mostly for diesel. For gasoline, it is not that bad," said Shell country chairman Ed Chua.
"Oil prices would still depend on the market. For example, when we rolled back the price of gasoline two weeks ago, that's market forces," Chua said.
This weekend's new round of increase is the 19th price adjustment oil firms have imposed this year. (MSN/Sunnex)For more Philippine news, visit Sun.Star Cagayan de Oro. (July 19, 2008 issue)
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