Fuel prices seen to rise today

OIL FIRMS are set to raise pump prices today by 50 centavos per liter for gasoline and 35 centavos per liter for diesel, or at a slower pace than the previous week, according to industry sources.

Sources from major and independent oil firms said that while international prices trended higher last week on higher global demand and political volatility around oil producing areas, price resistance was also setting in the lo- cal market due to the recent price hikes.

Just this month, pump prices were rolled back once and raised thrice, not including today’s expected increase.

Oil firms operating in the Philippines tend to track each other’s price movements since the country imports about 90 percent of its fuel requirements.

The Department of Energy (DOE) did not comment on the price trend, saying that oil firms were to inform the department on price movements at about 6 p.m. the night before implementation if the adjustments take effect at around midnight. If the adjustments are to take place at 6 a.m. on a certain day, oil firms must advise the DOE before midnight of the previous day.

The INQUIRER earlier reported that its informal survey over the weekend showed price increases this week could range from 25 centavos to 90 centavos per liter.

From 6 a.m. on July 16, Petron, Pilipinas Shell and Chevron Philippines hiked prices by P1.60 per liter for gasoline, P1 per liter for kerosene and 75 centavos per liter for diesel.