Gasoline up anew by 10.40 per liter, diesel by 10.35 today

The pump price of gasoline is still in the upswing by 10.40 per liter, diesel by 10.35 and kerosene products by 10.70 per liter effective today.

As of press time, the first industry players that announced a price hike were Pilipinas Shell Petroleum Corporation, Flying V, Phoenix

Petroleum Philippines Inc., PTT Philippines and Seaoil effective 6 a.m. today.

Given this fresh round of price hikes, Laban Konsyumer, Inc. President and former Trade Undersecretary Victorio Mario A. Dimagiba is challenging the Department of Energy (DOE) and the state-run Philippine National Oil Company-Exploration Corporation Inc. to make good and prove to the public that they can really import oil from Russia at a cheaper cost of 135 to 136 per liter, chiefly for socially sensitive diesel products.

The government has already made public its plan to negotiate with the Russian government for “cheaper oil” and will be offered to public utility vehicle once the shipment arrives.

“The program to import Russian diesel at announced 135 per liter for PUVs should be realized – and not just gimmicks,” Dimagiba stressed.

It is worth seeing though how the Philippine government could purchase cheaper diesel from Russia, when it sells diesel at 39.50 to 44.02 Russian ruble (in the range of 133.48 to 137.31 equivalent in the local currency — without factoring in logistics costs and excise taxes).

Dimagiba added: “We have to remember that our countrymen expected a better situation under this administration and they are still hopeful. We cannot just let it that there will come a time when this leadership will be losing its credibility on what it promised to the Filipinos.”

According to international market watchers, global prices had been on a rally several trading days last week but softened on last Friday’s trading.

Dubai crude, which is the regarded benchmark for Asian markets, closed at US$74.53 per barrel last week, while Brent crude hovered at US$77.11 per barrel.