Three oil firms raise prices anew

Oil giants Petron Corp. and Chevron Philippines Inc. (formerly Caltex) and new player Total Philippines increased the pump prices of their unleaded gasoline, diesel and kerosene by an average of 50 centavos per liter effective yesterday.

Prices of regular gasoline remain unchanged.

Petron has increased the price of its "Gasul" liquefied petroleum gas (LPG) by 50 centavos per kilo.

Total Philippines also announced an increase of its LPG "TotalGaz" by 50 centavos per kilo effective today. Thus, TotalGaz will be priced at P474 per 11-kilo cylinder.

Despite the increase, officials of the oil firms said they will continue their commitment to offer discounts on diesel for public utility vehicles.

Unioil Petroleum also announced an increase of 50 centavos per liter of pump prices for all its petroleum products, except regular gasoline, effective 6 a.m. today.

Unioil officials said they have to increase the pump prices of their products "to reflect the increase in prices of petroleum products in the world market."

Earlier, Flying V Petroleum Corp. and Eastern Petroleum Corp. said it will increase prices of gasoline, diesel and kerosene by similar 50 centavos per liter, also effective today.

Last week, Petron Corp., Pilipinas Shell Petroleum Corp. and Total Phils. said that they will be increasing prices of their products between P1 and P2 per liter for the month of August.

Petron is looking at a P2 increase this month, Pilipinas Shell at P1, and Total at P1.35.

The price of Dubai crude oil, the main source of the country’s fuel requirements, closed at $70.64 per barrel last week, or just $1.65 short of the record level of $72.29 recorded on July 17 this year.

In fact, prices of all imported crude or finished products are approaching all-time record levels. The Philippines is a net importer of both crude and finished petroleum products.