• CHERYL G. CRUZ
After three straight weeks of rollbacks, the pump prices of petroleum products will increase anew, effective tomorrow, March 25.
Oil companies announced over the weekend that diesel will increase by P0.20 to P0.40 per liter, gasoline by P0.80 to P1/L, and kerosene by P0.20 to P0.50/L.
Exact adjustments will be known today.
The Department of Energy said that “supplies continue to remain tight due to turnarounds in the US following the upcoming summer driving season and fewer arbitrage cargoes coming in Asia due to China’s scheduled maintenance.”
Global economic challenges, slowing petrochemical demand recovery, and volatile crude prices will continue to pressure market prices in the coming weeks, as per the DOE Oil Monitor.
Gasoline and diesel logged total net increases of P2.15/liter and P2.85/liter, respectively, since the start of this year, while kerosene has total net decrease of P0.70/liter.
Meanwhile, the DOE called on all liquefied petroleum gas (LPG) industry players to fully comply with Republic Act 11592, or the LPG Industry Regulation Act (LIRA), to avoid substantial administrative and criminal penalties, including business closure and permanent disqualification from engaging in any LPG activity.
The LIRA was enacted to protect the interests of end-consumers and establish standards of conduct for the LPG industry; and institutes reforms to ensure compliance with the standards for health, safety, security, environment, and quality applicable to the activities in the industry.
These activities, the DOE said, include the importation, refining, storage, export, refilling, transportation, distribution and marketing of LPG, and the importation, manufacture, requalification, repair, exchange, improvement, and scrapping of LPG pressure vessels, LPG seals, and other ancillary equipment.
“All LPG industry participants are enjoined to comply with their obligations under the LIRA” and other pertinent orders, including the need to secure licenses, permits, and certifications from the DOE and other relevant agencies, and strict compliance with safety and quality standards for all LPG facilities, equipment, pressure vessels, and seals.
“These penalties are designed to protect consumers, prevent hazardous incidents, and maintain the integrity of the LPG industry sector,” DOE undersecretary Alessandro Sales said in a statement. “By enforcing strict safety measures, we ensure that only legally sourced and properly handled LPG products reach the market, underscoring the government’s unwavering commitment to public safety and product quality.”
Under the LIRA, administrative and criminal penalties for violators include fines of up to P100,000 for every non-compliant item, material or equipment, such as LPG seal or pressure vessel, business closure and permanent disqualification, and imprisonment of up to 12 years, the DOE said. | CGC
