Oil Companies in the Philippines Increase Prices Amid International Hike

Strategic Insights -

Oil players in the Philippines, including major firms like Shell, Petron, and Chevron, as well as small firms like Phoenix Petroleum, Seaoil Philippines, and Flying V, have increased prices of their petroleum products following adjustments in international prices. The price hikes range from P1 (US$0.02) per liter for gasoline to 75 centavos per liter for diesel and kerosene. This adjustment was implemented to reflect the increase in international prices, particularly for Dubai crude, which rose by US$ 3 per barrel to US$ 76 per barrel this month.

Key Takeaways:

  • The price increase of P1 (US$0.02) per liter for gasoline and 75 centavos per liter for diesel and kerosene was implemented by major and small oil players in the Philippines.
  • The price hike reflects the increase in international prices, particularly for Dubai crude, which rose by US$ 3 per barrel to US$ 76 per barrel this month.
  • Unleaded gasoline showed a price movement of US$ 2 per barrel, rising from US$ 87 per barrel to US$ 89 per barrel during the same period.
  • Diesel prices also rose, increasing by US$ 3 per barrel from the average of US$ 84 per barrel last month to US$ 87 per barrel as of March 2.
  • The domestic pump prices of unleaded gasoline range between P40 to P43 per liter, while diesel is being sold at P31 to P34 per liter, and kerosene's price range between P39 to P46 per liter.
  • Petrochemical companies implemented the price adjustment at different times, with Shell's increase taking effect as early as 12:01 a.m., while Petron and Chevron implemented their price adjustment at 6 a.m.
  • The price increase reflects the ULCC's decision to move away from the P-term-based pricing scheme as mentioned in the past.

Statistics:

  • The price increase for gasoline is P1 (US$0.02) per liter, and for diesel and kerosene, it is 75 centavos per liter.
  • Dubai crude oil price increased by US$ 3 per barrel to US$ 76 per barrel this month.
  • Unleaded gasoline price rose by US$ 2 per barrel to US$ 89 per barrel.
  • Diesel price increased by US$ 3 per barrel to US$ 87 per barrel.
  • Domestic pump prices of unleaded gasoline range between P40 to P43 per liter.
  • Diesel is being sold at P31 to P34 per liter.
  • Kerosene's price range is between P39 to P46 per liter.

Sources:

  • (PNA) bl 04-03 1158
  • Asia Pulse, March 4