MANILA, Philippines - Other oil players yesterday followed the move of Pilipinas Shell which increased the pump prices of its products last Monday.
Petron Corp., Eastern Petroleum Corp., Total Philippines and Chevron Philippines decided to jack up their premium and regular gasoline prices also by 90 centavos and 60 centavos; and diesel and kerosene prices by 30 centavos and 20 centavos, respectively.
Petron and Total will also increase their LPG or cooking gas prices by P3 per kilo and auto LPG by P1.88 per liter.
Public transport groups condemned the new round of oil price hikes.
George San Mateo, national president of the Pinagkaisang Samahan ng mga Tsuper at Opereytor Nationwide (PISTON), said they will organize a nationwide protest this month to express their anger over the recent development
Based on a Department of Energy (DOE) report quoting various market analyses, oil prices edged higher Thursday last week in volatile trading in New York, boosted by geopolitical tensions in the Middle East and better than expected US economic news.
DOE said New York’s WTI price took a hit after the government reported an unexpected increase in US crude oil stockpiles, by 3.9 million barrels, reflecting weaker demand in the world’s biggest oil-consuming nation.
Distillates also rose unexpectedly by 1.2 million barrels. These stockpiles, which include heating fuel, are closely watched by the market at the beginning of winter.
Also tempering demand was a feeble Italian debt auction that helped push the euro to a 16-month low against the dollar, which makes dollar-priced crude less attractive to buyers using euros.
But oil prices rebounded into positive territory in late trade. “After getting down towards the $98 area the market got quiet, and we got a recovery,” said Tom Bentz of BNP Paribas. “The reality is that there is a lot of stuff going on in the Middle East and that the market is nervous about it.”
A showdown between Iran and the United States over Tehran’s threats to close the strategic Strait of Hormuz to oil tankers worsened Thursday. Iran’s Revolutionary Guards rejected a warning that the US military would “not tolerate” such a closure, saying they would act decisively “to protect our vital interests.”