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Manila Bulletin devider Business devider Pump prices slightly up this week

Pump prices slightly up this week

Published May 3, 2021 02:58 pm

Filipino motorists will need to cough up additional amounts in their fuel budgets as the price of diesel and kerosene products will increase by P0.35 per liter this week, based on the pricing advisories of the oil companies.



The price of gasoline, which is the other commodity in the weekly price adjustments, will also go up slightly by P0.20 per liter, but that was mainly due to the ethanol blend component of the fuel.

MB file photo. (Mark Balmores)



Without the cost impact of ethanol, gasoline prices should not have moved this week – if pricing was just based solely on the cost fluctuation relating to the Mean of Platts Singapore (MOPS), being the pricing reference of importers of finished petroleum products in the country.



Most of the oil companies reflected the P0.20 per liter increase in gasoline, but independent player Cleanfuel opted to be more generous to the consumers as it has not implemented any cost adjustment on its gasoline products.

As of press time, the oil companies that already advised on price hikes had been Pilipinas Shell Petroleum Corporation, Seaoil, Cleanfuel and Chevron effective on Tuesday (May 4); while the rest of the industry players are anticipated to follow.

The swing of prices in the world market is the key anchor of cost movements in the Philippine oil market because the country relies heavily on importation for its fuel requirements.

The major developments being monitored closely in the global market include the continued wallop of the Covid-19 pandemic, especially in India; the inoculation programs of various countries; and the decision of the global producers to relax previously agreed output cuts starting this May.

Related Tags

Oil prices Cleanfuel Pilipinas Shell Petroleum Corporation Chevron seaoil DOE
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