• CHERYL G. CRUZ
The second week of oil price increases will take effect today, Jan. 14, with diesel increasing by P0.90 per liter, and gasoline and kerosene by P0.80/L each.
The price movements, inclusive of the value-added tax, reflect the changes in the international market, oil companies said Jan. 13.
This is the second consecutive week of upward adjustments, following the P1.40/liter hike in the price of diesel, and P1/liter for both gasoline and kerosene. For the whole of 2024, gasoline and diesel had total net increases of P12.75/liter and P11/liter, respectively, while kerosene logged total net decrease of P2.70/liter.
“The week-on-week price of Dubai crude has increased by around $1.80 per barrel,” as per the Department of Energy Oil Monitor, adding the international prices of gasoline, diesel, and kerosene have also increased by about $1.90, $2.80 and $2.50 per barrel, respectively.
The decline in US crude inventories and expected cold snap in North America are likely to boost demand, the DOE said. “As temperature in the US continues to dip, oil winter demand is expected to peak, spurring prices higher.”
The DOE, meanwhile, said that a price freeze for household liquefied petroleum gas (LPG) in cylinders 11-kilogram and below, and kerosene products, is in effect in Negros Oriental until Jan. 22.
The price freeze came following the state of calamity raised in the province due to the adverse impacts of the Kanlaon volcano eruption.
The DOE also reminded all liquid fuels and LPG industry participants on the submission of annual reports, as per the Revised Retail Rules or DOE Circular DC 2017-11-0011, on data on running inventory, purchases, sales, and supply agreements.
Failure to submit the required annual report may cause the suspension or revocation of the Certificate of Compliance for liquid fuels retail outlets, or License to Operate for LPG facilities, and the payment of penalties, the DOE advisory said.
Deadline of submission for LPG facilities/establishments is Jan. 20, and Jan. 31 for liquid fuels retail outlets. | CGC
