Recent Posts

Breaking News

Big time price hikes implemented by oil firms

Consumers’ pockets will be ripped off this week with the massive increases in pump prices at the scale of P1.50 to P1.55 per liter for diesel products; and P1.05 to P1.10 per liter for gasoline products.


The oil companies also enforced P1.30 per liter hike in the price of kerosene products, an essential commodity not just for Filipino households but also for key industries, such as the aviation sector.


As of this writing, the oil companies that already announced hefty upward adjustments at their retail pumps had been: Pilipinas Shell Petroleum Corporation, Phoenix Petroleum Philippines Inc., and Seaoil effective on Tuesday (November 17); while the rest of their competitors are anticipated to follow their pricing leads.


Phoenix Petroleum emphasized its petroleum prices have not been adjusted in typhoon-hit areas of Cagayan, Isabela, Rizal and Marikina City which had not


The upswing in international oil prices last week had been generally traced to renewed sentiments of economic rebound in many parts of the world, including the United States, which is the world’s biggest economy.


With expectations that a viable Covid-19 vaccine will be rolled out by next year, demand recovery in the global oil sector is foreseen, including probable boost in travel again which may be stimulated by 2021-2022.


The movement restrictions brought about by the coronavirus pandemic had stalled economic activities in many parts of the world when lockdowns were enforced, but with consumer’ confidence and economic exploits already gaining traction, there are flourishing forecasts for near-term recovery in demand for oil commodities.


For the Philippines, which was battered by typhoon Ulysses last week, there are calls on the oil companies to spare heavily-affected areas from the gargantuan price adjustments this week.


Laban Konsyumer Inc. (LKI) President Victorio Mario Dimagiba primarily noted that while gasoline and diesel are not part of the commodities covered by a prize freeze in times of calamities, he still advanced an appeal to the oil industry players to consider the plight of some provinces or areas repeatedly afflicted by extreme weather disturbance.


Catanduanes, in particular, was walloped by super typhoon Rolly in the initial week of the month; then it was pummeled again by typhoon Ulysses last week.


In Metro Manila, it was Marikina City that had literally fallen to pieces after many of its residents were submerged in ominous flooding for several days last week; and it was the same menacing fate that Cagayan and some parts of Isabela in Northern Luzon had suffered from.


Based on the advisory of the Department of Energy (DOE), the typhoon-hit areas which already declared state of calamity to entitle them to 15-day price freeze on kerosene and liquefied petroleum gas (LPG) products had been:  Marikina City and the province of Isabela from November 13-27; and the provinces of Cagayan and Aurora from November 14-28.


Dimagiba indicated there is a pending legislative proposal in Congress that shall include the other petroleum products to be on a price freeze in areas that will be extremely pounded by natural disasters.


Source: Manila Bulletin (https://mb.com.ph/2020/11/16/big-time-price-hikes-implemented-by-oil-firms/?utm_source=rss&utm_medium=rss&utm_campaign=big-time-price-hikes-implemented-by-oil-firms)

No comments