Pump price update: Gas up P0.30, Diesel up P0.25

MANILA: Oil prices once again increased today. In separate advisories, fuel companies Shell, Seaoil, PTT Philippines, Petron, Phoenix Petroleum, Petro Gazz, Cleanfuel, and Chevron (Caltex) confirmed the price increase of gasoline by P0.30 per liter and diesel by P0.25 per liter.

Shell, Petron, Chevron, and Seaoil also announced the spike of kerosene prices by P0.30 per liter.

Changes in fuel prices mirror movement in the international market. Brent crude and West Texas Intermediate were able to sustain their costs, which are higher than US$40-level this week.

On Monday, the Department of Energy (DOE) announced that local petroleum and crude oil inventory can cover a longer timeframe because of community quarantines that decelerated economic activities, thereby causing reduced demand.

According to the DOE, as of July 13, the local inventory of petroleum and crude oil products was at 61.9 days: 54.4 days onshore in-country stocks and 7.5 days of the commodity that are continuously in transit, or an equivalent volume of 2.762 billion liters.

This particularly grew from the December 31, 2019-level of 51 days, given six days in transit, and 45 days in-country stocks, where local stocks attained 3.857 billion liters.

Photos from pna.gov.ph and Pexels.com

Also read: Pump price update: Gas down, kerosene up today