Volatility of petroleum product prices is changing the behavior of consumers when it comes to the purchase size of gas products, Pilipinas Shell country head Lorelie Quiambao-Osial said Monday.
Global prices of oil have been impacted by Russia’s invasion of Ukraine and is now also moving with the fear of recession in the US and other energy concerns across the globe.
In the Philippines, adjustments in prices are announced weekly, which means consumers’ behavior also changes often, Quiambao-Osia said.
“We see the economy opening up, you see the borders opening up, hybrid work but at the same time, because of the volatility in prices that is also changing consumer behavior and consumer consumption,” Quiambao-Osial said.
“Now ever the weekly basis, you basically see that as the pump prices are changing, the consumer behavior is also changing in terms of choice on whether they go full tank or not in terms of looking at more efficient ways to get from point A to point B,” she added.
Despite the volatility in the space, Pilipinas Shell in the first half registered a net income of P7.8 billion, which is up by 250 percent.
Pilipinas Shell will continue with its expansion and energy transition plans as well as its “refocused strategy” to ensure that the business remains resilient to shocks, the official said.
“We want to make sure that we have security and supply reliability, we continue to do that. The other thing is efficiency in terms of everything that we do. Making sure that we have capital discipline, manage cashflow really well,” she said.
On Sep. 13, prices of local petroleum products will be lower by up to 1.70 per liter for kerosene, P1.45 per liter for diesel and P0.45 per liter for gasoline.
