Big 3, small players impose big time oil price hike

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MANILA, 18Jun2013 (PNA) – At least four oil companies implemented increases of up to P1.45 per liter on their petroleum products on Tuesday morning, the sixth consecutive week of fuel price hike.

At 6 a.m. Tuesday, the country biggest oil companies or the “Big Three” of the local oil industry — Pilipinas Shell, Petron Corp. and Chevron Philippines (formerly Caltex) — raised their respective prices of gasoline by P1.05 per liter, diesel by P1.45 per liter and kerosene by P1.30 per liter.

Independent oil player SeaOil also followed suit with similar price hike.

Petron, in its price advisory sent to Philippines News Agency (PNA), said the price adjustment “reflects movements in the international oil market and the foreign exchange rate”.

Last June 10, oil companies implemented a mixed price adjustment, including a price hike on gasoline products worth P0.50 per liter and rollback of P0.15 per liter on kerosene while no movement for the price of diesel.

As of this posting other oil companies have yet to announce their respective adjustments.

Based on Department of Energy (DoE), in Metro Manila the average price of diesel as of June 11 stood at P39.95 per liter while that of gasoline was pegged at P50.60 per liter.(PNA)

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