World prices push lo­cal fuel rates up for 2nd week

Business World - - The Nation - Vic­tor V. Saulon

OIL COM­PA­NIES will be rais­ing the prices of petroleum prod­ucts this week, ex­tend­ing last week’s in­crease af­ter weeks of price cuts for most of the fourth quar­ter of last year. Diesel prices will rise by a hefty P2.30 per liter (/L), more than three times last week’s P0.70-per-liter in­crease. Gaso­line prices will be up by P1.40 a liter. Kerosene will cost higher by P2.00/L. “Price ad­just­ment only fac­tors the in­crease in world oil prices and not the sec­ond tranche of the TRAIN (Tax Re­form for Ac­cel­er­a­tion and In­clu­sion) Law,” said East­ern Petroleum Corp. in a state­ment on Mon­day. East­ern Petroleum will be among the first to im­ple­ment this week’s price hike at 12.01 a.m. on Tues­day, Jan. 15. Most of the com­pa­nies will be rais­ing pump prices at 6:00 a.m. on Tues­day. Last week, the per liter prices of gaso­line, diesel and kerosene rose by P0.80, P0.70 and P0.40, re­spec­tively. Be­fore that, only the price of gaso­line rose for just one week dur­ing the last 12 weeks of 2018. —

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.