Oil companies raise prices of diesel, kerosene gasoline and LPG

By Paul A. Isla

MOTORISTS will again have to rethink their budgets when they refill their fuel tanks, as oil companies have adjusted the price of diesel and kerosene by P2 per liter, gasoline by P1/liter and P1.50 per kilo for liquefied petroleum gas (LPG).

Chevron Philippines Inc., Eastern Petroleum Corp., Petron Corp., Pilipinas Shell Petroleum Corp. and Total (Philippines) Corp. implemented their price adjustments on Saturday morning.

According to the Department of Energy (DOE), oil benchmark Dubai crude averaged $137.91 per barrel in July from $127.82 per barrel in June.

The DOE also noted that Mean of Platts Singapore (MOPS)-based gasoline averaged $145.77 per barrel in July from $140.30 per barrel in June, while MOPS-based diesel averaged $177.05 per barrel in July from $169.36 per barrel in May.

The DOE added that the price of LPG has also increased to $912.50 per metric ton (MT) this month from $855.50 per MT in May and $812 per MT in April.

As of June 28, the DOE reported that the per-liter price of unleaded gasoline ranged from P58.75 to P60.07 per liter; diesel at P51 per liter to P52.97 per liter; kerosene at P55.10 per liter to P58.30 per liter; and LPG from P615 per 11-kilo to P671.50 per 11-kilo tank.

Oil company executives earlier said any further delay in recouping such underrecoveries could lead to a diesel-supply shortfall in the country since the continuous increase in international oil prices has resulted in P3.6 billion in diesel underrecoveries.

Edgar Chua, country chairman of Shell companies in the Philippines, has presented data showing underrecoveries in diesel amounted to P3.6 billion in April, based on the month’s diesel sales volume of 598.85 million liters, which was multiplied by about P6 per liter (difference between the landed cost and average pump price of diesel).

“Unless we see the adjustments in local pricing attuned with international pricing, shortage of supply may soon be more of a pronounced reality,” Fernando Martinez, chairman and chief executive of Eastern Petroleum Corp., said in response to Chua’s presentation, adding that his warning takes into consideration the higher cost of importation.

Oil companies raise prices of diesel, kerosene gasoline and LPG

MOTORISTS will again have to rethink their budgets when they refill their fuel tanks, as oil companies have adjusted the price of diesel and kerosene by P2 per liter, gasoline by P1/liter and P1.50 per kilo for liquefied petroleum gas (LPG).

Bizmen to ask government to allow regional chambers to take part in IRA allocation

FILIPINO businessmen will petition the government to allow the different regional business chambers throughout the country to participate in the allocation of the internal revenue allotments (IRAs) given to local government units (LGUs).

RP sets temporary ban on poultry, wild birds from Arkansas, UK, Haiti

THE Philippines imposed a temporary ban on the importation of poultry products, including poultry meat, day-old chicks, eggs and wild birds, from the United Kingdom, Haiti and Arkansas, United States, following the detection of the avian influenza (AI) in their farms.

ERC studying viability of introducing prepaid electricity-metering services

HOPING to give consumers a way to control over the electric consumption, the Energy Regulatory Commission (ERC) is looking at coming up with rules that will kick off the offering of prepaid electricity-metering services in the country.

ERC decides to make use of Napocor time-of-use rates during WESM’s 3rd and 4th month of operations

INSTEAD of having consumers pay for higher market settlement, the Energy Regulatory Commission (ERC) directed the implementation of the National Power Corp.’s (Napocor) time-of-use (TOU) rates for the third and fourth billing periods of the Wholesale Electricity Spot Market (WESM).

Mandaue mayor says his city has regained confidence of traders

MANDAUE City Mayor Jonas Cortes on Friday reported to the city council that the city has already regained the confidence of businessmen as the administration continues to clean up the city’s reputation as one of the hardest to start a business in.

Atienza cites Singapore’s sanitary landfill as model waste facility

ENVIRONMENT Secretary Lito Atienza is calling for the establishment and sound management of landfills as he pushes for the closure of all open dumps which, he said, continue to pose risk to people’s health and the environment.