Oil firms set new fuel rates

Metro Manila, December 27 ------ Mixed adjustments in pump prices will take place today, oil companies announced.

In separate advisories, Shell, Seaoil, and Caltex said they would increase gasoline prices by P0.95 per liter and kerosene by P0.50 per liter. PetroGazz and Cleanfuel also announced they will increase gasoline prices by P0.95 per liter. Meanwhile, all of the oil companies said they will decrease diesel prices by P0.20 per liter. The price adjustments will be effective today.

On December 20, oil companies implemented an increase in gasoline prices by P0.70 per liter, diesel by P2.90 per liter and kerosene by P1.65 per liter. The Department of Energy (DOE) said that was based on the Mean of Platts Singapore (MOPS) monitoring of gasoline, diesel and kerosene, which increased in price by about $0.75, $5.20, and $4.10 per barrel, respectively. These resulted in the year-to-date total adjustments to stand at a net increase of P13.95 per liter for gasoline, P27.50 per liter for diesel, and P20.80 per liter for kerosene, DOE added.

MOPS serves as the benchmark in South-East Asia, including the Philippines, in pricing fuel products. It refers to the average price reported by price assessment agency Platts for a product in the Singapore trading hub.

Source: cnnphilippines.com