Fuel prices hike anew today

MANILA: Prices of gasoline, diesel, and kerosene spiked again this week as they went up today at 6 a.m. Diesel prices increased by P0.85 per liter while the price of gasoline products went up by P1.05 increment as Total, Seaoil, Shell, PTT Philippines, Caltex, Petron, Petro Gazz, Phoenix Petroleum, Flying V, and Cleanfuel have announced separately.

Kerosene cost also increased by P0.30 per liter, and this will be implemented in Seaoil, Shell, Caltex, Petron, Petro Gazz, and Flying V stations.

A continuous increase in fuel prices has been observed since the Organization of the Petroleum Exporting Countries (OPEC), and its associates began pumping smaller amounts of crude oil in May to offset the decreasing trading costs.

To date, Brent crude has been selling at US$42.19 per barrel, while West Texas Intermediate (WTI) oil has been trading at USD$39.75 for each barrel, which is better compared to the prices last week.

Locally, the 10% additional tax on imported petroleum and crude products, which the government has enforced since May 2, also influenced firms to raise fuel costs. Additional government revenues shall be utilized to fund the COVID-19 response as well.

Energy Secretary Alfonso Cusi has also guaranteed that his department will thoroughly monitor the proper enforcement of the additional tax. He said that the Oil Industry Management Bureau has discussed with industry stakeholders regarding the strategic procedures moving forward, which include the stringent compliance with the protocols of the EO, upon releasing Executive Order (EO) 113.

Photo from ABS-CBN News 

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