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Petroleum industry

Philippines' Oil Companies Raise Prices Amid International Market Hikes

Strategic Insights

— 2 min read

The Philippines' major and independent oil companies simultaneously raised the prices of gasoline, diesel, and kerosene in response to the international market movement. The price adjustments were made by oil giants Pilipinas Shell Petroleum Corp., Petron Corp., and Chevron Philippines (formerly Caltex Philippines), which increased prices by P1 per liter for gasoline and diesel, and 50 centavos per liter for kerosene, effective August 5. Independent oil players, such as Seaoil Philippines and Phoenix Petroleum, also implemented price hikes, with Seaoil adjusting its prices but not on the same day. The price monitoring by the Department of Energy (DOE) indicated that gasoline was sold at P36 to P42.90 per liter, diesel at P27.70 to P34.15 per liter, and kerosene at P36 to P41 per liter.

Key Takeaways:

  • The Philippines' major and independent oil companies raised prices of gasoline, diesel, and kerosene by P1 per liter.
  • Oil giants Pilipinas Shell Petroleum Corp., Petron Corp., and Chevron Philippines (formerly Caltex Philippines) implemented price hikes effective August 5.
  • Independent oil players such as Seaoil Philippines and Phoenix Petroleum also adjusted their prices.
  • The price monitoring by the DOE indicated that gasoline was sold at P36 to P42.90 per liter, diesel at P27.70 to P34.15 per liter, and kerosene at P36 to P41 per liter.
  • The price hike was based on the international upward movement, with Dubai crude at US$ 71 per barrel, up by US$ 6 per barrel from the July average price.
  • Unleaded gasoline was placed at US$ 83 per barrel, higher by US$ 10 per barrel from the US$ 73 per barrel average price for the month of July.

Statistics:

  • Gasoline prices increased by P1 per liter, effective August 5.
  • Diesel prices increased by P1 per liter, effective August 5.
  • Kerosene prices increased by 50 centavos per liter, effective August 5.
  • Price monitoring by the DOE indicated that gasoline was sold at P36 to P42.90 per liter.
  • Price monitoring by the DOE indicated that diesel was sold at P27.70 to P34.15 per liter.
  • Price monitoring by the DOE indicated that kerosene was sold at P36 to P41 per liter.
  • Dubai crude was pegged at US$ 71 per barrel, up by US$ 6 per barrel from the July average price of US$ 65 per barrel.
  • Unleaded gasoline was placed at US$ 83 per barrel, higher by US$ 10 per barrel from the US$ 73 per barrel average price for the month of July.
  • Diesel was placed at US$ 78 per barrel, compared to the US$ 72 per barrel price last month.

Sources:

  • Asia Pulse
  • Economic Journalists Association of the Philippines
  • Department of Energy (DOE)
  • Pilipinas Shell Petroleum Corp.
  • Petron Corp.
  • Chevron Philippines (formerly Caltex Philippines)
  • Seaoil Philippines
  • Phoenix Petroleum
  • Philippine News Agency (PNA)

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