Firms may hike diesel, gasoline prices
Credit to Author: The Manila Times| Date: Sun, 28 Apr 2019 12:13:14 +0000
OIL companies are expected to hike prices of petroleum products on Tuesday after hiking the cost of gasoline for three consecutive weeks.
“Expect fuel prices to go up next week. Diesel should go up by P0.75 to P0.85 per liter and gasoline should go up by P0.70 to P0.80 per liter,” Unioil Petroleum Philippines Inc. said in an advisory on Saturday.
Another industry source told The Manila Times the price of diesel would rise by 80 to 90 centavos per liter and gasoline by 70 to 80 centavos per liter, based on the average of the Mean of Platts Singapore (MOPS) trading from April 22 to 26.
The sector uses MOPS, the daily average of all trading transactions of diesel and gasoline as assessed and summarized by Standard and Poor’s Platts.
Higher pump price projections came amid the decline in global crude prices. Reuters reported on Friday that Brent crude futures dropped by 3 percent to $72.15 per barrel, while the US West Texas Intermediate crude fell 2.9 percent at $63.30 a barrel.
Last week, petroleum firms increased the cost of gasoline by 10 centavos per liter, but left diesel and kerosene prices unchanged.
Year-to-date adjustments stand at a net increase of P5.40 per liter for diesel, P8.05 per liter for gasoline, and P4.05 per liter for kerosene, based on the Department of Energy’s (DoE) weekly monitoring.
Latest data from the DoE show that diesel is being sold for P41.94 to P49.70 per liter, gasoline for P52.50 to P58.61 per liter, and kerosene for P45.49 to P55.70 per liter.
Industry players usually implement the adjustment in fuel prices every Tuesday of the week. JORDEENE B. LAGARE
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