Oil firms hike pump prices anew

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Oil firms hike pump prices anew

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Prices of petroleum products are expected to increase anew this Tuesday.

The estimated increase is expected at 15-25 centavos per liter for gasoline, and 10-15 centavos for diesel and kerosene.

This came as the exchange rate closed at P50 to a US dollar.

On Valentine’s Day, oil companies had just increased the price of diesel by 20 centavos per liter and kerosene by 10 centavos per liter.

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On February 7, oil companies increased the price of gasoline by 50 centavos per liter, diesel by 30 centavos per liter and kerosene by 30 centavos per liter.

 On January 31, the oil companies also increased the prices of diesel by 25 centavos per liter.

 On January 24, the oil companies increased the price of gasoline by 60 centavos.

On January 17, some oil companies reduced the prices of gasoline by 20 centavos per liter and others by 30 centavos per liter; diesel by 35 centavos per liter and kerosene by 40 centavos per liter.

On January 10, the oil companies increased the price of diesel by 10 centavos per liter.

On January 3, prices of gasoline increased by 70 centavos per liter, diesel by 60 centavos per liter and kerosene by 55 centavos per liter.

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 Even 2016 ended with an increase by 50 centavos per liter for gasoline and 25 centavos for diesel on December 27.

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This was preceded by an increase by 40 centavos per liter for gasoline and 70 centavos for diesel and 65 centavos for kerosene on December 20.

On November 29, oil companies also increased the price of gasoline by P1.50 per liter and diesel by P1.20 per liter.

 Oil companies had been attributing the series of price increases to the depreciation of peso.

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The peso-to-dollar exchange rate was P49.75 on December 25, then P49.77 on December 26, P49.80 on December 27, P49.81 on December 28, P49.80 on December 29, and P49.50 on December 30.

It immediately depreciated to P49.56 on December 31 and January 1, then to P49.62 on January 2 and further to 49.79 on January 3. The December 27 increase marked 50 centavos per liter for gasoline and 25 centavos for diesel.

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Prices of basic commodities are feared to also increase as there had been more oil increases than rollbacks.

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