"Effective 12:01 a.m. of Jan. 10, Total will hike its gasoline price by 80 centavos per liter, diesel and kerosene prices by 50 centavos per liter and liquefied petroleum gas or LPG by 90 centavos per kilo," said Rona Quejada, the oil firm’s corporate affairs manager.
The top three oil players — Petron Corp., Pilipinas Shell Petroleum Corp. and Caltex Philippines Inc. — have yet to announce if they will follow Total’s move.
This is the second time this year that Total has increased the prices of its petroleum products. Observers said that Total’s oil price increase is "too much" for consumers since its last round of increases was last Jan. 4.
"Whatever happened to the oil firms’ commitment to implement staggered oil price adjustments to cushion impact on the public?" observers asked.
Quejada, however, said that since December, international petroleum prices have continued to go up but Total decided to hold on to current prices as long as it could.
The increase in oil prices is a phenomenon experienced worldwide, with other countries immediately aligning local prices with global oil price movements, he said.
"Total held on to current prices for several weeks despite soaring world oil prices. However, in the end, we have to respond to market indicators," Quejada said.
She added that Total will continue to monitor market conditions to enable the oil firm to adjust its prices.
Despite this price hike, Quejada said Total will continue its "Kooperatibong Tulong-tulong sa Pagsulong" program it started in 1999 with the Department of Transportation and Communication’s Office of Transport Cooperatives. Total supplies specially priced fuel products to accredited transport cooperatives as part of the program.
Early this week, Consumer Oil and Price Watch chairman Raul Concepcion projected there will be another 80 centavo per liter increase in petroleum products on top of the 30 centavos the oil firms will impose to recover from the impact of their compliance with the provisions of the Clean Air Act.