Pump prices rose from P1.10-P1.15 / liter this week – Manila Bulletin

Motorists who use gasoline in their vehicles will have to shell out more cash this week, as the price of that product will increase by P1.15 per liter, according to the oil companies’ price adjustment notice.

For kerosene and diesel products, the price of these fuels will also increase by P1.10 per liter, according to oil companies.

As of press time, the industry players that have already sent notices about their price increases had been Pilipinas Shell Petroleum Corporation, PetroGazz, Seaoil and Cleanfuel as of Tuesday (December 1); while its rival companies are expected to follow its price tracks.

Furthermore, the price of liquefied petroleum gas (LPG), which is the main fuel used by households for cooking, is also expected to rise by P0.75 to P1.00 per kilogram, according to the initial estimate of LPG players. .

In general, the upward trend in domestic pump prices was traced to the rebound in prices in the international market, driven mainly by constant favorable news about developments related to the Covid-19 vaccine.

Despite the second wave of infections in various parts of the world, including the United States and Europe, it is seen that the launch of the vaccine next year could stimulate the growth of demand in the oil sector, so a industry rebound.

The Organization of the Petroleum Exporting Countries (OPEC) is also expected to further extend the term of production cuts, and this could raise oil prices globally.

For the Asian market, a recovery in fuel demand is expected from next year because

This is the region that is seen as paving the way for the post-pandemic economic rebound.

With the prices rising steeply this week, consumer advocacy group Laban Konsyumer Inc. has renewed its call for oil companies to “defer increases to Tuesday (December 1).”

The president of LKI and former Undersecretary of Commerce, Victorio Mario Dimagiba, said that the price freeze or the ‘no-cost movement’ in pump prices must remain for the duration of the declaration of the state of calamity (SOC), which will be for 60 days, especially in typhoon-ravaged areas. .

In particular, Dimagiba pointed out that the SOC declaration in Luzon was raised on November 18 of this year, for which he indicated that the prices of LPG and kerosene should not be adjusted until December 3, as prescribed in the provisions of the Prices Law or Law of the Republic as amended 10623.

Although the Price Law only requires a 15-day price freeze in disaster-affected areas, the LKI sought to have this extended within the SOC term, which is 60 days; and that commodities also cover diesel and gasoline, as only kerosene and LPG products were required by law.