Recent Posts

Breaking News

Diesel, kerosene prices up; gasoline and LPG on rollback

By Myrna M. Velasco

Consumers will brace for a blend of adjustments in petroleum prices this week, with gasoline and liquefied petroleum gas (LPG) having price rollbacks; while it is a reverse case for diesel and kerosene products.

(MARK BALMORES / MANILA BULLETIN FILE PHOTO

(MARK BALMORES / MANILA BULLETIN FILE PHOTO

LPG, which is the dominant cooking fuel for households, has been cut by P0.30 per kilogram or P3.30 for the standard 11-kg cylinder.

LPG Industry players Petron Corporation for its Gasul brand; Phoenix Petroleum Philippines Inc. for its Super LPG; and Isla Petroleum and Gas Corporation for “Solane” have already announced the price cuts effective June 1 (Monday).

Petron also advised on P0.17 per liter reduction on its autoLPG; while Phoenix Petroleum trimmed the price of that same commodity by a leaner P0.15 per liter. AutoLPG is an alternative fuel used in the country’s public transport – primarily for taxi fleets and even buses.

At the petroleum pumps, the biggest increase in price was for kerosene products at P0.80 per liter; while diesel prices will be up by P0.25 per liter, as announced by the oil companies.

Gasoline prices will be on a rollback of marginal P0.20 per liter, a relatively meager financial respite for Filipinos who will be returning to work starting Monday this week.

The pump price adjustments will be effective Tuesday (June 2); and as of press time, this was already jumpstarted by Pilipinas Shell Petroleum Corporation and followed by Seaoil Philippines, Cleanfuel, PTT and Phoenix Petroleum; while industry competitors are anticipated to follow.

The oil firms qualified though that the announced price adjustments excluded yet the price increases from the recently hiked 10-percent import duty on crude and finished petroleum products, which could redound to equivalent P0.80 to P1.30 per liter increase in product prices at the pumps.

The oil industry was extremely pummeled during the more than two months of lockdown enforced in the country – and the resumption of work and economic activities would come as their best bet in resuscitating sales and in reinforcing financial performance in the remaining months of the year.

As previously reported by the Department of Energy (DOE), oil demand in the country had been snipped by 50 to 60-percent at the height of the enhanced community quarantine in Luzon around March to April this year.

Many oil companies struggled on sales and such manifested miserably in their first quarter financial outcomes and that drift is seen to get even worse in the succeeding quarter.

But with the Philippine economy now on its gradual reopening, it is hoped that the oil companies could catch up in the second half of the year and be able to fortify their sheared bottom lines.


Source: Manila Bulletin (https://business.mb.com.ph/2020/06/01/diesel-kerosene-prices-up-gasoline-and-lpg-on-rollback/)

No comments