- CHERYL G. CRUZ
The prices of petroleum products continue to increase this week, with a P3.70 to P3.90 per liter hike for diesel, gasoline by P0.20 to P0.40/L, and kerosene by P2.60 to P2.90/L.
This will be the fifth consecutive week of increases for diesel and kerosene, and the fourth for gasoline, with the latter logging a net hike of P11 a liter since the start of this year.
The exact adjustments will be known today, Aug. 7, with price movements usually implemented every Tuesday.
Last week, oil companies implemented an increase of P3.50/L for diesel, P2.10/L for gasoline, and kerosene by P3.20-P3.25/L.
“The week-on-week price of Dubai crude has increased by around $3.30 per barrel,” the Department of Energy Oil Monitor said, adding that MOPS gasoline, diesel, and kerosene also increased by about $4.50/bbl, $8.00/bbl, and $7.40/bbl, respectively.
“An air of uncertainty still surrounds the outlook of monetary policies, and their impact on the global oil complex later in 2023,” the DOE said of the upward price movement.
The prices of liquefied petroleum gas (LPG) also increased this month. Petron implemented a P4.55/kg hike in LPG prices, and P2.54/li for AutoLPG.
It also said in a statement that its consolidated sales volume reached 57.61 million barrels in the first half of 2023, or a 12 percent rise from the 51.41 million barrels sold in the same period last year.
Petron’s sales volume jumped 16 percent to 34.93 million barrels on the back of the country’s strong demand recovery. “Consistent increases were recorded across various business segments, signifying the company’s steady post-pandemic transition,” it added.
The consolidated operating income at P16 billion for the first semester this year was buoyed by the encouraging volume growth and overall performance of the company on the marketing front. With rising financing costs due to successive interest rate hikes, consolidated net income ended at P6.14 billion for the first six months, the company added.
Petron said it is also gearing up for the rollout of its first batch of e-vehicle charging stations at key locations in the second half of the year./CGC
