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Petroleum industry

Oil Companies Implement Price Hikes Amid International Price Surge

Strategic Insights

— 2 min read

Fuel prices in the Philippines have increased with six major oil companies implementing a P2 per liter price hike for gasoline, diesel, and kerosene. The move is a response to the international price surge, with the Dubai crude dropping by US$ 5 per barrel compared to the June average price. Unleaded gasoline and diesel prices have also decreased by US$ 6 per barrel, from US$ 77 to US$ 71 per barrel. The new prices for gasoline are between P33 to P39.90 per liter, diesel between P24 to P31.15 per liter, and kerosene between P33.50 to P39.31 per liter.

Key Takeaways:

  • Six major oil companies - Pilipinas Shell Petroleum Corp., Petron Corp., Chevron Philippines, Total Philippines, Seaoil Philippines, and PTT Philippines - implemented a P2 per liter price hike for gasoline, diesel, and kerosene.
  • The price hike is due to the international price surge, with Dubai crude dropping by US$ 5 per barrel compared to the June average price.
  • Unleaded gasoline and diesel prices have decreased by US$ 6 per barrel, from US$ 77 to US$ 71 per barrel.
  • The new prices for gasoline range from P33 to P39.90 per liter, diesel from P24 to P31.15 per liter, and kerosene from P33.50 to P39.31 per liter.
  • Independent oil player Unioil Petroleum Philippines Inc. implemented a rollback of P4.75 per liter for gasoline and P3.50 per liter for diesel, but only one of its 16 stations implemented the rollback.
  • The Department of Energy (DoE) held a stakeholders meeting after the controversy surrounding Unioil's price rollback.

Statistics:

  • P2 - the amount by which the six oil companies increased gasoline, diesel, and kerosene prices.
  • US$ 63 - the price of Dubai crude as of July 23.
  • US$ 5 - the decrease in Dubai crude price compared to the June average price.
  • US$ 6 - the decrease in unleaded gasoline and diesel prices per barrel.
  • P33 - the lowest price of gasoline per liter.
  • P39.90 - the highest price of gasoline per liter.
  • P24 - the lowest price of diesel per liter.
  • P31.15 - the highest price of diesel per liter.
  • P33.50 - the lowest price of kerosene per liter.
  • P39.31 - the highest price of kerosene per liter.
  • P25 centavos - the rollback implemented by oil companies for gasoline last week.
  • P50 centavos - the rollback implemented by oil companies for diesel and kerosene last week.
  • P4.75 - the rollback implemented by Unioil for gasoline.
  • P3.50 - the rollback implemented by Unioil for diesel.

Sources:

  • Asia Pulse, July 28
  • PNA (Pilipinas News Agency), July 28, 2000
  • Department of Energy (DoE)
  • Pilipinas Shell Petroleum Corp.
  • Petron Corp.
  • Chevron Philippines
  • Total Philippines
  • Seaoil Philippines
  • PTT Philippines
  • Unioil Petroleum Philippines Inc. (UPPI)

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