Oil firms to raise fuel pump prices today

PUMP prices are going up this week. Oil firms announced Monday they will implement a P0.40 per liter hike in gasoline products, P0.60 per liter increase in diesel and P0.70 per liter in kerosene. the price increase takes effect at 6 a.m. of august 31 for Seaoil, Shell, Chevron, total, Phoenix, Unioil and Ptt. Other oil firms are expected to follow suit.

Cleanfuel, meanwhile, will raise diesel prices by P0.50 per liter and gasoline by P0.35 per liter at 4:01 p.m.

Prior to this week’s price hike, oil firms implemented a price rollback for the past three consecutive weeks.

they adjust prices weekly to reflect movements in the world oil market.

the market share of the so-called Big 3 went down by 16 percent in the first half of the year to 38.96 percent from 46.4 percent in the same period last year.

this was mainly because Petron and Shell ceased their refinery operations during the period.

Petron’s market share went down by 15.2 percent to 18.6 percent from January to June this year from 21.94 percent in the same period a year ago.

Shell recorded a market share of 15.5 percent at end-june this year from 18.35 percent from a year ago. Chevron recorded a market share of 4.86 percent in the first six months of the year from 6.12 percent in the first half of 2020.

the market share of the so-called Big 3 was also affected by stiff competition and aggressive expansion and marketing programs of smaller oil firms.

Other players’ market share, meanwhile, increased by 12.9 percent to 52.29 percent at end June this year. the balance of 8.45 percent is from end-users who imported directly most of their requirement.