Fuel pump prices inch up again

MANILA: Fuel pump prices went up again today. Fuel companies Shell, Seaoil, Petro Gazz, Petron, Flying V, PTT Philippines, Cleanfuel, Total, Phoenix Petroleum, and Chevron (Caltex) upped their diesel prices P0.30 per liter, while gasoline prices hiked by P0.70 per liter today.

Meanwhile, Shell, Seaoil, Petron, and Flying V also confirmed the implementation of an increase of P0.40 per liter on the price of kerosene.

A few oil companies have already taken into account the additional 10% tax on petroleum and crude products as established in Executive Order 113, which resulted in increased pump prices.

The goal of the EO is to collect more taxes from imported fuel products to financially support the COVID-19 response of government.

Brent crude and West Texas Intermediate (WTI) crude prices dipped slightly. Brent crude is trading at US$41.02 per barrel while WTI crude is at US$38.49 per barrel.

According to S&P Global, the demand uncertainty has persisted, and this decelerates the recuperation of the crude market towards the third quarter of 2020.

Photo from pna.gov.ph

Also read: Fuel prices hike anew today