THE Department of Energy (DOE) in Davao Region noted a rollback in LPG and a price hike in petroleum products in the first week of July following the end of Ramadan.
Based on DOE-Davao Region's latest monitoring, LPG dealers -- Gasul, Solane, and Petronas -- have decreased the price of LPG by P1.65 per kilogram in the first four days of the month.
The three major oil companies -- Caltex, Petron, and Shell -- have increased prices for some petrol products, P0.30 in premium, P0.70 in diesel, and P0.55 per liter for kerosene. Smaller companies like Flying V, Phoenix, and Seaoil also followed suit.
Nilo Geroche, chief science research specialist of the DOE-Davao Region, said in an interview that prices were already expected to rise after the Ramadan as oil prices in the international market will also rise.
“There was an expectation that after the Ramadan, the demand (for petrol) will rise in the international market,” he said.
Geroche added that changes in the price of petrol are a norm after any kind of event because of the supply-demand curve.
“Any event, like during wartime, there is a possibility that prices will increase because the demand will remain the same but the supply will decrease because of disruptions,” he added.
As of July 4, in Caltex stations in Davao, the price of premium petroleum products is at P34.65 this week from P34.35 last week while diesel is at P30.05 from P29.35.
The prices of petroleum products at Petron stations are: premium at P34.24 per liter, diesel at P30.05, and P34.93 to P37.35 for kerosene. While in Shell, premium gasoline is at P34.75 per liter and diesel at P30.05. (Christian Gerard Briones, UIC intern)