By NIEL VILLEGAS MUGAS
The Manila Times Reporter
Still reeling from high crude prices in the global market, major oil companies in the Philippines imposed a new round of oil price hikes over the weekend, the second for October.
Petron Corp., a 40-percent government stake, increased by P0.50 a liter the prices of its Blaze, XCS Plus, Extra Unleaded, regular gasoline, DieselMax and Kerosene.
The increase took effect shortly after midnight, Sunday.
Petron however said that they are maintaining discounts for Public Utility Vehicles (PUVs) to cushion the effect of rising oil products to commuters.
Total increased its prices at the same time.
It jacked by P0.50 a liter the prices of its Infinity, Protec, Premiere ULG, regular ULG, diesel and kerosene.
Although Petron imposed only a P1-a-kilogram increase on its LPG product Gasul, Total jacked up its LPG line by P2 a kilogram.
Total has so far imposed a P3-a-kilogram increase on its LPG produce this October. Its LPG product now sells at P446 a 11-kilogram cylinder.
A company bulletin explained that the jump in Total's LPG prices is meant to offset the high contract prices for the commodity.
Contract prices for LPG jumped by $79 to $515 a metric ton in October, the highest one-time increase since 1999.
Industry estimates that impact of higher LPG contract prices amounted to P4.72 a kilogram.
This would mean that oil companies would still need at least two round of LPG price hike to recover from the impact.
Petron, Caltex Philippines Inc. and Pilipinas Shell all imposed a P1 a kilogram increase in LPG prices last week.
Caltex was the first company to raise its oil prices this weekend, increasing by P0.50 a liter its Vortex Gold and Silver, regular gasoline, power diesel and kerosene.
It, however, promised to maintain discounts for PUVs.
"We will continue to maintain discounts for public utility vehicles in 110 stations nationwide," Caltex said in a media bulletin.
Shell also increased the prices of its LPG by P1 a kilogram Saturday.
No comments:
Post a Comment