PHOTO
The Philippine oil refinery complex of Petron Corp. is seen on the coast of Bataan province nortwest of Manila on February 10, 2009. Petron Corp. on February 27, 2009 reported a 3.92 billion-peso (80.7 million USD) net loss for calendar year 2008, blaming crude price volatility for plunging it into the red. The wild swings in crude oil prices, from a record 141 dollars a barrel in July 2008 to 40 dollars in December, saw Petron incur significant losses on the value of its inventory, it said in a statement. AFP PHOTO/ROMEO GACAD (Photo by Romeo GACAD / AFP) Image used for illustrative purpose.
Motorists should brace for a significant oil price hike of as much as P1.90 per liter today to reflect recent developments in the global oil market.
In separate advisories, Shell, Caltex and Seaoil announced price increases of P0.85, P1.75 and P1.90 per liter for gasoline, diesel and kerosene, respectively.
PetroGazz, Cleanfuel and Unioil will also implement the same price adjustments except for kerosene, which they do not carry.
The latest price movements will bring the year-to-date net increases for gasoline, diesel and kerosene to P6.90, P6 and P0.35, respectively.
The Department of Energy (DOE) said last week that domestic pump prices would increase amid the volatility in the international oil market.
Among the factors that contributed to the upward price trajectory are the upbeat global oil demand forecasts for 2024, DOE-Oil Industry Management Bureau assistant director Rodela Romero said.
OPEC and the US Energy Information Administration both expect global oil demand this year to improve, with travel and tourism expected to drive consumption.
Uncertainties over the timing of the US central bank's policy easing and the 'reduced Saudi exports to China and potential US reserve purchases' also put pressure on domestic oil prices, Romero added.
Copyright © 2022 PhilSTAR Daily, Inc Provided by SyndiGate Media Inc. (Syndigate.info).
