MANILA (PNA) – After four weeks of rollbacks, motorists and consumers are in for another round of increases in petroleum products.
In a press conference held today at the Department of Energy (DOE), Assistant Director Del Romero of the Oil Industry Management Bureau (OIMB) explained the factors that will likely affect the trend in the next four weeks.
As a result, oil companies have announced their new pump prices to take effect at 6 a.m. of Tuesday, July 4.
Shell, PTT, Flying V and Total will implement an increase in gasoline prices by P0.30 per liter, diesel by P0.70 per liter and kerosene by P0.55 per liter.
Phoenix announced a P0.30 per liter increase for their Premium 98, Premium 95 and Regular 93 and P0.70 per liter for diesel products.
SEAOIL on the other hand increased pump prices for Extreme 97, Extreme 95 and Unleaded 91 by P0.30 per liter and an increase of P0.70 for Exceed diesel.
Romero cited that refinery maintenance in Asia which started last April ended only last June. She also cited that drilling operations in the United States have lessened and the recent hurricane “Cindy” have caused a slowdown in oil production.
The upcoming summer season is also likely to increase gasoline demand particularly in the United States beginning with the 4th of July celebrations where people mostly travel by land.
In the Middle East, the Ramadhan has also resulted in a large drawdown of oil stocks in the inventory.