Gasoline at P60/liter before June ends - oil industry sources


Posted at Jun 11 2008 05:33 PM | Updated as of Jun 12 2008 01:33 AM

Pump prices of gasoline could reach the P60 per liter-mark before the end of June as oil costs in the world market continue to increase.

Oil industry sources said the weekly P1.50 pump price increases would continue this month, which may push gasoline prices to P60 per liter.

The prices of diesel, meanwhile, will breach the P50-mark by the end of June, the source told ABS-CBN News.

The sources cited the increasing oil prices in the world market and the P8 underrecovery for diesel and P6 for gasoline.

The source said crude cost might have slightly dwindled in the past few days, but the price started recovering this week.

Reports on Wednesday said oil went up $132 a barrel in the world market.

Pre-paid gimmick

Small player SeaOil, meanwhile, announced a "pre-paid" scheme to cushion the soaring prices of fuel to its consumers.

SeaOil president Glenn Yu said the company will sell pre-paid gasoline cards to its consumers.

Yu explained that if a consumer bought the card while gasoline is P53 per liter, the consumer will be charged the same amount even if gasoline price had increased.

Other oil companies, meanwhile, refused to adopt the same marketing tactic. They said SeaOil is committing suicide.

Pilipinas Shell Petrolum Corp., for its part, said it will instead maintain its rebate promo for its consumers. Shell customers can avail of the rebate by using their credit cards for every fuel purchase. With a report from Alvin Elchico, ABS-CBN News