MANILA, Philippines - Oil companies again jacked up pump prices effective midnight last night, marking the first price adjustment in March.
In separate advisories sent out yesterday, oil firms said they were increasing prices of gasoline by P0.95 per liter and diesel by P0.55 per liter.
Pilipinas Shell Petroleum Corp. was the first to issue an announcement, followed by Phoenix Petroleum and Seaoil Philippines.
The Department of Energy (DOE) said in its latest oil price monitoring report that much of the recent upswings in gasoline prices in Asia were exacerbated by refinery maintenance and ongoing strikes in the US.
“Reflecting the bullish market in the US, Energy Information Administration data released late Wednesday showed that the country’s gasoline stocks shrunk 3.1 million barrels, to 240 million barrels in the week ended Feb. 20, much greater than analysts’ expectation of 1-million-barrel drawdown. Demand for motor fuel in Asia and East Africa was still relatively steady to slower, as Indonesia – the region’s largest gasoline importer – saw steady imports in the first quarter of 2015,” the DOE explained.
Citing Platts data, the DOE said the Asian gas oil market remained fairly supported in the short term with demand from the West, as well as from Sri Lanka and Jordan. Moving forward, supply may remain tight.
“Refinery maintenance scheduled from March onwards in North Asia is expected to tighten supply a little, but is unlikely to have a big impact if demand wanes,” it added.