Tempo

OIL, LPG PRICES UP THIS WEEK

- By MYRNA M. VELASCO

The relentless rise in fuel prices will continue this week for all fuel products, including that of liquefied petroleum gas (LPG), which is the preferred commodity by most Filipino households for cooking.

As advised by the oil companies, gasoline prices will increase by P1.00 per liter in this round of adjustment; while diesel prices will be higher by ₱0.85 per liter.

Additional­ly, the price of kerosene products will climb by ₱0.70 per liter this week; while LPG prices had been jacked up by ₱0.65 per kilogram starting March 1.

As of this writing, the oil companies that already sent notices on their price hikes include Pilipinas Shell Petroleum Corporatio­n, Seaoil, Cleanfuel, PetroGazz , Chevron and PTT Philippine­s effective on Tuesday (March 2), with expectatio­ns that all of their rival-firms will be following this week’s price trends.

For L PG, it was Isl a Petroleum and Gas Corporatio­n that already advised on price hike for its Solane LPG brand; while its industry-competitor­s are anticipate­d to follow.

Prices at the retail pumps for gasoline, diesel and kerosene move on a weekly basis as anchored on cost swings of the Mean of Platts Singapore (MOPS); while for LPG, the price movement is every start of the month based on the fluctuatio­n of internatio­nal LPG contract prices as benchmarke­d with Saudi Aramco’s pricing.

Confluence of factors had been triggering rise in global prices in the past weeks – including severe state of winter season in some countries, the accelerati­on of vaccine rollout in many parts of the world; and forecasts of further economic rebound globally.

Newspapers in English

Newspapers from Philippines