Oil firms hike prices by P1.25 per liter

MANILA, Philippines - Caltex Philippines, Phoenix Petroleum Philippines and Seaoil Philippines have raised pump prices by up to P1.25 per liter.

In separate advisories, the three oil firms said they would increase the price of their diesel products by P1 per liter and gasoline and kerosene products by P1.25 per liter due to the continuing increase in the international rates of oil products.

Petron Corp. jacked up the price of its liquefied petroleum gas (LPG) products by 50 centavos per kilo due to increase in international contract prices over the weekend.

Oil companies last week adjusted their petroleum product prices by 25 to 50 centavos per liter with the upward movement in the prices of refined petroleum products in the world market.

As of Oct. 5, Dubai crude averaged $80 per barrel from September’s $75.

Diesel prices at the region reached $93 per barrel as of Oct. 5 against $87 last month.

There was also a noted rise in gasoline prices in the international market to $88 per barrel compared to $83 in September.

The contract price of LPG rose to $698 per metric ton this month compared to only $644 per MT the month previous.

Meanwhile, the militant transport group Piston (Pagkakaisa ng Samahan ng mga Tsuper at Opereytor Nationwide) expressed outrage over the latest oil price increase, expressing disappointment over the administration of President Aquino which they noted was turning out to be like that of former President Gloria Macapagal-Arroyo in its failure to stop the oil companies’ alleged excessive profiteering.

George San Mateo, Piston secretary-general, said that their group would start planning a series of protest actions to voice the public transport sector’s opposition to the oil price hike.

San Mateo said the latest P1 and P1.50 hike in diesel and unleaded gas again showed the oil companies’ obvious ploy to divert public attention from the ultimate upward trajectory of oil prices when they roll back prices by 25 to 50 centavos and then hike pump prices by P1 and more.

He said that the substantial hike in oil prices would aggravate the lives of the ordinary consumers already heavily burdened with high taxes and the rising price of basic commodities and services.

“We don’t need another P1.50 hike in the price of gasoline and P1 hike in diesel prices. Juan de la Cruz is already suffering enough,” San Mateo said.

San Mateo lamented that the administration has also proved to be deaf in their call for Malacañang to lobby Congress to repeal the Oil Deregulation Law.

“Nothing has apparently changed from the Arroyo administration to the incumbent Aquino administration,” San Mateo said.

Donnabelle Gatdula, Philippine Star