Fuel pump prices rose by another 50 centavos yesterday as global crude costs hit new record levels.
Chevron (formerly Caltex) Philippines Inc. was the first to raise prices, followed by Total Philippines and Petron Corp.
Petron said it raised the prices of its gasoline, diesel, and kerosene products due to the rising costs of Dubai crude, the pricing benchmark used by local oil refiners.
The Dubai crude averaged $102.38 per barrel in April or $5.62 per barrel higher than the March average.
“Dubai hit an all-time high last Wednesday (April 23) reaching $109.55 per barrel,” Petron said.
Caltex and Total, both oil importers, said their price gauge, Mean of Platts Singapore (MOPS), also continued to increase, thus the need to adjust pump prices.
The Department of Energy (DOE) last week announced that the tariff rate on crude and refined petroleum products would remain at one percent on May 1.
This decision came after a 15-day review of the trend in Dubai and diesel benchmark prices in the international market.
The review is part of the automatic tariff adjustment mechanism.
The DOE earlier issued a certification stating that average prices of crude and diesel for the period still qualify for one percent tariff rate.
Executive Order 691 provides for the temporary adjustment of rates of import duty on crude and refined petroleum products.
The tariff rate is adjusted to an appropriate level depending on the movement of global crude prices. — The Philippine Star News Service