Small players hike oil prices by 30¢/liter

Three of the smaller oil players – Unioil Philippines Inc., Flying V and Eastern Petroleum Corp. – have likewise raised their prices by 30 centavos per liter at noon yesterday, following Caltex Philippines Inc.’s oil price hike earlier in the day.

For the second time this month, Caltex Philippines, the local unit of multinational ChevronTexaco, has adjusted the prices of its gasoline, diesel and kerosene products by P 0.30 per liter effective 12:01 a.m.

But as of press time, the other oil giants – Petron Corp., Pilipinas Shell Petroleum Corp. and new entrant Total Philippines Inc. – have yet to announce their respective price adjustments.

"We are still evaluating our figures," a Petron official said.

Shell external affairs general manager Roberto Kanapi, on the other hand, said "there is no advice yet from management."

In increasing their prices, Caltex officials said fuel prices in the international market continued to rise due to a number of factors, "putting tremendous pressure on our existing selling prices."

However, Caltex officials pointed out that the company is committed to remaining open and transparent regarding price adjustments. "It will continue to stay closely attuned to market and competitive conditions," Caltex added.

"Caltex will more accurately reflect these conditions by adjusting prices up or down in smaller amounts, more frequently if necessary, to avoid sudden, big swings in prices," the Caltex officials said.

In a related development, the company announced that for the moment, it will continue to maintain the jeepney discount lanes in strategically located stations in the metropolis. "This is our way of helping to ease some of the burden on the transport sector, particularly the jeepney drivers. This benefit will ultimately redound to the commuting public as well," Caltex said.

To date, there are 11 Caltex stations offering discounts to jeepney drivers through a separate jeepney lane in each station.

For his part, Energy Secretary Vincent Perez said with Caltex’s price increase, "the Department of Energy (DOE) reminds motorists to source their fuels from gasoline stations which have not hiked pump prices."

"Reforms that we have put in place in the oil sector now afford consumers the power of choice. We also urge Caltex to continue extending discounts on diesel being offered in selected stations to public jeepneys and buses," Perez said.