• CHERYL G. CRUZ
The pump prices of petroleum products will increase anew this week amid fears of tighter supply or disruptions.
Oil companies announced over the weekend that diesel could increase by P1.20 to P1.50 per liter, gasoline by P0.70 to P0.90/L, and kerosene by P0.60 to P0.80/L.
The exact price adjustments will be known today, Sept. 8, with the movement regularly implemented every Tuesday.
This will be the fourth consecutive week of price hikes for gasoline, and the third for diesel and kerosene.
“Oil prices have increased on worries of supply disruptions after Russian oil flows dropped significantly as the country’s oil processing facilities suffered serious damage from Ukrainian attacks,” Jetti Petroleum president Leo Bellas said in a recent statement reported by the Philippine News Agency. “Worries of possible tighter supply ahead due to fresh US sanctions that targeted Iran’s oil revenue stream, and initial market expectations of no change in production output from OPEC+, have also supported prices.”
Oil prices have been on the rise for several weeks now following supply issues, partly due to geopolitical concerns overseas, such as the Russia-Ukraine war and production adjustments by oil-producing countries, Bellas explained. “Refined fuel supply fundamentals remain sensitive to trade disruptions, including any further escalation in geopolitical tensions.”
Meanwhile, the DOE-Visayas Energy Industry Management Division will hold an online briefing on the rules and regulations governing businesses in the liquid fuels and LPG industries later this month.
The virtual seminar on Sept. 25, starting at 9 a.m., is open to all industry participants as well as those who have recently been issued a Certificate of Compliance as LFRO (liquid fuels retail outlets) dealers, or a License to Operate as registered liquefied petroleum gas (LPG) participants, the DOE-Visayas said in an advisory.
Those interested may register via https://bit.ly/DOEVirtualSeminarRegistration.
The field office already transitioned to a paperless system all the processes and transactions under the Oil Industry Management Division, since Sept. 1, including the Certificate of Compliance for LFROs, License to Operate for LPG establishments, Certificate of Non-Coverage for LFRO for own-use operation, Certificates of Registration in the LPG industry, and LGU permit certification.
These certificates are issued in digital format only, to promote digitalization and enhance the ease of doing business while reducing mailing cost for the agency. “All digital copies of the issuances sent via official email at vfo.eimd@doe.gov.ph shall be considered valid and official. Each certificate includes security measures to ensure authenticity. Upon receipt, the issued certificate must be posted in a conspicuous place inside the establishment.” | CGC
