MANILA (AFX-ASIA) – Rising Dubai crude costs may force local oil companies to raise pump prices by another 0.25 to 0.30 peso per litre towards the end of this month or early August, industry officials said. (US$1=50 peso).
“We are closely monitoring the market. If we will make a decision, we will probably announce it before the end of this month,” Pilipinas Shell Petroleum Corp external affairs manager Robert Kanapi said.
New Petroleum Players Association of the Philippines president Fernando Martinez said they are looking at a price hike of at least 0.25 peso per litre “by the second week of August at the latest.”
Mr Kanapi said the relatively stable dollar-peso exchange rate would “not prevent it (price hike) from happening,” but will limit the price adjustment.