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Oil firms hike prices

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Oil firms hike prices

By Euan Paulo C. Anonuevo
Manila Times
Wednesday, 06 October 2010 00:00


Oil companies raised pump prices on Tuesday owing to a rise in petroleum product prices in the international market.

In separate text messages, Chevron (formerly Caltex) Philippines Inc., Seaoil Philippines Inc. and Phoenix Petroleum Philippines Inc. announced that they
will increase their gasoline and diesel prices by P0.50 a liter and P0.25 a liter, respectively.
“This is to reflect price movements in the international oil market,” Rey Jimenez, Seaoil spokesman, said.
The oil firms’ price adjustment took effect Tuesday.

Other fuel companies, however, were yet to announce if they also would move their prices.

As of October 5, imported diesel prices in the region reached a month-to-date average of $93 a barrel as against $87 last month.
Gasoline prices rose to $88 a barrel compared to $83 a barrel over the same period.

Despite the rising pump prices, competition and low demand are keeping cooking gas prices from moving up, as well even as contract prices of the commodity increased abroad.

Arnel Ty, Liquefied Petroleum Gas (LPG) Marketers Association president, said, “Competition is really stiff now at the market. Nobody wants to move their prices given the prevailing lower demand.”

The contract price of LPG rose to $698 per metric ton in October from $644 per metric ton in the previous month, which should have resulted in a P2.50 per kilogram increase in the price of cooking gas products.

But Ty said that should they decide to increase the prices of their LPG products, they will do it on a staggered basis to cushion impact on consumers.

 

Last Updated ( Wednesday, 06 October 2010 15:55 )  

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