Phoenix Petroleum leaps as 3rd biggest player in PH oil industry

Vehicle-owners using diesel fuel will need to pay more at the pumps this week as the price of this commodity had gone up by P0.45 per liter, according to the pricing adjustment advisories sent by the oil companies.

For gasoline products, there will be a rollback of P0.10 per liter; while kerosene prices will increase by P0.55 per liter.

As of this writing, the industry players that already sent notices on their cost movements effective Tuesday (October 13) had been Pilipinas Shell Petroleum Corporation, Seaoil, Cleanfuel, PetroGazz and Total; while the rest of their competitors are anticipated to follow.

The Philippines is highly import-dependent, so it follows trends in the global market on its price adjustments at the domestic pumps – and these are reflected in the pricing of the oil firms on a weekly basis.

There had been negligible swings in prices in the world market in the past weeks because prices are now at recovery pace – that was following the rock-bottom prices that walloped the industry in the initial months of the year, especially at the height of the lockdowns in March to May.

The overall prognosis for the industry, however, is still a very gradual recovery especially with threats of second wave of coronavirus inspections in various parts of the world.

For the aviation sector, in particular, market scenarios remain grim and demand recovery may not come until 2022.