Oil companies raised pump prices again by as much as P0.40 per liter effective 6 am Tuesday to reflect the movement of prices in the world market.
Pump prices went up P0.40 per liter for gasoline, P0.20 per liter for diesel and P0.15 per liter for kerosene.
This was the sixth weekly consecutive oil price increase due largely to a decline in the oil supply from Venezuela and Iran.
Gasoline prices rose due to tight supply coupled with robust demand from Indonesia and the Persian Gulf on the back of reduced Chinese exports, refinery turnarounds and problems in the US Midwest.
Diesel, too, was in limited supply as demand continued to remain high in Malaysia and Australia, while Japanese refiners saw a decrease in production.
Pump prices also went up due to the increase in the price of ethanol, the Department of Energy said.
Phoenix, Petroleum Philippines, PTT Philippines, Seaoil Philippines, Flying V, and Unioil Philippines issued separate advisories of the oil price hike while other companies are expected to follow suit.
On Sept, 18, the oil firms raised the price of gasoline by P0.50 per liter, kerosene by P0.20 per liter and diesel by P0.15 per liter.
Latest Department of Energy data showed that the major oil companies (Petron Corp., Chevron Phils. and Pilipinas Shell Petroleum Corp.) captured 53.4-percent market share of the total demand oil the first half.
Other industry players which include PTT Philippine Corp., Total Phils., Seaoil Phil. Inc., TWA Inc., Phoenix, Liquigaz, Petronas, Prycegas, Micro Dragon, Unioil, Isla Gas, Jetti, Eastern
Petroleum, JS Union, JS Phils. Corp., Petrotrade, South Pacific, Marubeni, SL Harbour, Rockoil, RK3 Int’l., Insular, ERA 1, High Glory, Warbucks, Perdido and Filoil Logistics Corp., as well as the end users who imported directly most of their requirement captured 46.6 percent of the market.