Big time oil price hike announced

Big time oil price hike announced

Oil firms will impose a big time oil price hike tomorrow, April 19. The increase will range from P1.40 to P1.50 per liter of diesel; while the price of gas and kerosene may increase to P1.15 per liter.

Radyo.inquirer.net reported that the oil companies are expected to announce today the exact amount of the price increase. Separate advisories from Petron Corp., Pilipinas Shell Petroleum Corp., Seaoil Philippines Inc., Phoenix Petroleum Philippines, PTT Philippines and Flying V should be released within the day.

Just last week, April 12, there was an oil price rollback of 70 centavos per liter of gas and 50 centavos per liter of diesel.

The latest price hike is contrary to estimates made by Department of Energy Secretary Zenaida Monsada who expected a rollback that is  even higher than that of the previous week.

Monsada further said there is still uncertainty in the market as Iran refuses to cut production, but aims to reach its pre-sanction volume. Iran is among the world's biggest oil producers.

Department of Energy Secretary Zenaida Monsada told reporters last April 11 that the rollback was caused by changes in the global oil market ahead of the meeting of major oil producers, which will discuss the possible production cuts. Monsada also said that refineries in Asia are expected to go on maintenance shutdown.

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