merchant
Number of posts : 83
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Registration date : 2009-02-23
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 Subject: Oil price hikes a trend during Holy Week Mon Apr 06, 2009 10:56 pm |
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MANILA, Philippines – Oil firms usually hike their pump prices during the Holy Week, data from GMA News Research said.
The data showed that since 2005, oil firms have consistently implemented a P0.50 increase on prices of gasoline, kerosene and diesel shortly before or during the observance of the Holy Week.
In 2005, the Holy Week fell on March 21 to 27. The oil price adjustment was announced from Mar. 24 to 27.
Such move was implemented again in 2006. The adjustments were announced from April 8 to 10, with 10 being the start of the Catholic holiday, the data said.
On the other hand, two separate roll backs on liquefied petroleum gas (LPG) were implemented that year, and were announced on April 8 to 10 and April 16 to 18, respectively.
The following year, the Holy Week fell on April 2 to 8 but was extended until April 9 due to the celebration of the Araw ng Kagitangan (Day of Valor). But shortly before that, on March 31, oil companies announced that they would hike their fuel prices by P0.50.
Unlike the year before, prices of LPG were hiked by P0.50 per kilogram in 2007. The adjustments were announced from April 3 to 7.
Last year the Holy Week fell on Mar 17 to 23 last year. Oil companies implemented a two separate P0.50 per liter increase before and during the observance, the first one announced on Mar 15 and the second on March 22.
Oil price hikes took effect shortly before the Holy Week this year. From April 4 to 5, oil firms announced that a P0.50 per liter hike in gasoline and P1.00 per liter hike in kerosene and diesel would be implemented. - Aie Balagtas See, GMANews.TV
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