Unioil Petroleum Philippines Inc. has raised gasoline, diesel and kerosene prices
Due to the rising cost of crude in the international market Unioil Petroleum Philippines Inc. has raised gasoline, diesel and kerosene prices yesterday.
“The continued rise in crude prices in the international market left us with no other recourse but to temporarily increase the price of products sold in our retail outlets and service stations,’ Unioil Petroleum Philippines Incorporated (UPPI) General Manager Chito Medina-Cue said.
Unioil hiked the prices of its gasoline products by P1 per liter and P.50 for diesel and kerosene. The price adjustment according to Medina-Cue would be effective starting 6:00AM on Wednesday.
Medina-Cue said the decision to hike the prices does not mean that Unioil, which has started the trend by implementing a series of “big-time” rollbacks last year, would mean an end to their effort to offer the public high-quality yet inexpensive petroleum products.
“This is just a temporary movement. Unioil remained committed to provide the public with competitive prices of its products,” Medina-Cue added.
Aside from Unioil, several other local oil players have also hiked their prices which analyst said reflects the movement in the international market.
As of March 23, Dubai crude, the pricing benchmark used by oil refiners, stood at $44 per barrel from the February average of $43 per barrel.
Based on monitoring by the Department of Energy, the price of unleaded gasoline based on the Mean of Platt Singapore (MOPS) dropped to $52 per barrel from $58.
Diesel prices at Mean of Platt Singapore as of March 24 were steady at $52.
The Department of Energy (DOE) said that crude oil prices had been going up and down last week due to mixed signals from OPEC (Organization of Petroleum Exporting Countries) members who were debating the need for a cut in output. by Leah Flor