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Prices of gasoline, diesel, as well as cooking gas, are expected to increase in September, industry players said based on the price movements of these commodities on the international market.

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Oil-prices-Peshawar-04042024

Alvin Elchico

ABS-CBN News

<div><br/></div><div><br/></div><p>MANILA - Prices of gasoline, diesel, as well as cooking gas, are expected to increase in September, industry players said based on the cost of these commodities on the international market.</p><p>LPG contract prices have gone up in international trading, with the contract price increasing by $50 per metric ton, which translates to around a P2 per kilo increase in the retail market.</p><p>Gas retailer Regasco estimates the price hike in LPG in the Philippines to hover between P2.00-P3.50/kg or P22-P38.50 per 11kg tank.</p><p><span id="isPasted" style="color:rgb(65, 65, 65);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">Regasco President Arnel Ty </span>said prices may still change until tomorrow, or on Aug. 30, before the final contract price is determined by Saturday.</p><p>According to Ty, the increase is due to stockpiling activities of Asian and European countries in preparation for winter.</p><p>Prices of imported diesel and gasoline are also likely to go up next week after a hefty reduction this week.</p><p>For the first 3 trading days in the world market, here is the increase so far:</p><p style="line-height:1">Diesel       P0.29/L increase</p><p style="line-height:1">Gasoline   P0.55/L increase</p><p style="line-height:1">Kerosene  P0.74/L increase</p><p>Jetti Petroleum President Leo Bellas said the main reason for the uptick in prices is still the uncertainty in the Middle East due to the conflict between Israel, Hamas and Hezbollah, and the possibility of an interest rate cut in the US.</p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/nggzywvT3Co?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><div><strong>RETAIL COMPETITION AND OPEN ACCESS</strong></div><p>Meanwhile, the Energy Regulatory Commission has released the Omnibus Rules on Consumer Choice Programs in the Retail Electricity Market.</p><p>This includes the magna carta of retail consumers such as their right to choose suppliers, access to transparent billing, and protection against premature contract terminations.</p><p>Majority of residential consumers are called captive markets, meaning they rely on Meralco for their power needs. Their average rate is around P11-P12 per kilowatt-hour.</p><p>However, some contestable customers band together to reach the threshold consumption in order to become retail consumers. These include companies or condo homeowners associations that contract power from retail energy suppliers at a rate lower than Meralco&#x27;s.</p><p>For example, residents of a condominium in Mandaluyong City pay an average of P7 to P8 per kWh for their electricity supply.</p><p>The ERC said that under the Omnibus Rules, a Magna Carta for Retail Customers has been established, outlining key rights of Retail Customers, such as their right to choose suppliers, access to transparent billing, and protection against premature contract terminations.</p><p>&quot;The Omnibus Rules also expands the implementation of the Retail Aggregation Program (RAP) as it now allows the aggregation of demand within the same franchise area. The Rules permits similarly situated end-users within the same DU franchise area—such as facilities having the same owners or being in the same nature of business—to aggregate their demand,&quot; according to an ERC statement.</p>

<p>Prices of gasoline, diesel, as well as cooking gas, are expected to increase in September, industry players said based on the price movements of these commodities on the international market.</p>

Price hikes loom for fuel, LPG in first week of September

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Price hikes loom for fuel, LPG in first week of September

Alvin Elchico,

ABS-CBN News

Published Aug 29, 2024 03:57 PM PHT

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