Unioil hikes diesel price

MANILA, Philippines - Unioil Petroleum Philippines Inc. (Unioil) increased last Saturday prices of its diesel products by P1.40 per liter.

“This is the first time that Unioil will have a price increase in response to the P2 increase by competitors implemented last week,” Unioil said in a text message.

In mid-July, Unioil reduced pump prices by a hefty P4.75 and P3.50 on prices of gasoline and diesel, respectively.

On July 29 most of the oil players increased prices of petroleum products by P2 per liter, explaining that it reflected the increases registered in the world market.

Last Aug. 1, a reversal occurred when Pilipinas Shell Petroleum and Petron Corp. reduced the price of liquefied petroleum gas (LPG) by P0.80 per kilogram due to a decline in international contract price.

It came on the heels of earlier pronouncements by the LPG Marketers Association that a rollback of about P1 per kg would be likely. – Ted Torres