Petroleum Products Price Hike Expected This Week
PETROLEUM PRODUCTS – Prices on petroleum products are expected to increase this week after weeks of decline due to measures against the COVID-19 pandemic.
According to Manila Times, Unioil Petroleum Philippines Inc. said in its Saturday advisory that they would expect oil prices to increase starting Tuesday, May 12, up to May 18. Diesel and gasoline will be increased by more than ₱2 per liter, the firm added.
Another industry firm said on Sunday that diesel price is expected to increase by ₱2 per liter, while the price of gasoline would be at ₱2.10 per liter, according to the Mean of Platts Singapore (MOPS) trading average from May 4 to May 7.
The Mean of Platts Singapore is the daily average of all trading transactions of the said two products which is assessed and summarized by Standard and Poor’s Platts. This is where Philippine fuel distributors based on when they set prices.
As per the report, it added that the estimate increases exclude the results of crude oil trading last Friday, as well as the 10% import duty on crude oil and refined petroleum products.
A Tweet from ABS-CBN News states that Shell will also implement the price hike on the same day at 6 AM.
Gasoline price would increase by ₱2 per liter, ₱1.25 per liter in the case of kerosene, and ₱1.90 per liter for diesel.
Here is the said tweet:
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