Oil firms will raise pump prices anew this week by as much as P0.40 per liter, triggering the ninth consecutive weekly hike in oil prices.
"Expect fuel prices to go up next week (July 20-26, 2021). Diesel will increase by P0.30 to P0.40 per liter. Gasoline will increase by P0.10 to P0.20 per liter," Unioil Petroleum Philippines announced over the weekend.
On July 13, the oil companies increased the price of domestic oil products. Gasoline rose by P1.15 per liter, diesel by P0.60 per liter, and kerosene by P0.65 per liter.
These resulted in year-to-date adjustments to stand at a total net increase of P13.50 per liter for gasoline, P10.60 per liter for diesel, and P9 per liter for kerosene.
Oil prices went up on tight supply outlooks but uncertainty over the Delta coronavirus variant and its impact on fuel demand kept prices in check.
Meanwhile, on the local front, Phoenix Petroleum Philippines announced it further increased its share of the market based on data obtained from the Department of Energy.
As of May 25, 2021, the homegrown independent oil company holds 7.81 percent of the domestic market share, up from 7.1 percent at the end of 2020, solidifying its position as the third largest oil player in the country.
“Despite challenges and setbacks, we’ve remained determined and optimistic throughout this pandemic, and I’m glad that our efforts are bearing fruit,” said Phoenix president Henry Fadullon.
“As quarantine restrictions become more relaxed, and the country’s vaccination operations continue, safety remains as our top priority, but we are now more optimistic. In fact, our second quarter has yielded stellar results, encouraging us to look forward to an even more business-friendly environment," he said.
Fadullon said April business results exceeded pre-COVID levels for the first time since the start of the pandemic, and reiterated the company’s commitment to priorities, including providing the best offers to customers, operational excellence, and accelerating growth.
The company has also highlighted its focus on streamlining operations, improved resource management, and efficiency.
Phoenix has maintained its standing as the third largest oil company in the Philippines since last year.
“We are proud and grateful that even with the difficulties that the pandemic has caused, we are able to continue cultivating our business while serving even more communities,” Fadullon added.
