Oil companies raised pump prices for seventh consecutive week by as much as P1.35 per liter effective 6 a.m. Tuesday to reflect the movement of world oil prices.
Diesel prices rose by P1.35 a liter, kerosene by P1.10 a liter and gasoline by P1 a liter, said PTT Philippines. The 11 other companies followed suit, raising their prices by the same amounts.
The latest adjustment brings year-to-date total adjustments to a net increase of P10.40 per liter for gasoline, P10.70 per liter for diesel and P9.35 per liter for kerosene.
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The oil companies also raised the price of cooking gas or liquefied petroleum gas by as much as P2.35 a kilo, adding P25.85 to the cost of an 11-kilo tank to reflect higher contract prices for LPG in the world market for October.
The oil firms also increased autoLPG by P1.30 per liter.
World oil prices have been largely influenced by anticipation of US sanctions against Iran, which will be imposed on Nov. 4 and their impact on global supply.
Meanwhile, a leftist lawmaker denounced the decision of the Metro Manila Water Sewerage System Board to allow its water concessionaires, Maynilad and Manila Water to raise their prices that added P5.73 per cubic meter and P6.22 to P6.55 per cubic meter, respectively.
The increases will be passed on to consumers in tranches, beginning October 2018 and ending in January 2022.
“We condemn MWSS and the Duterte administration for favoring big water concessionaires and pushing through with the water rate hike that will certainly affect the poor sectors, amid the price shocks brought about by the TRAIN law, this simply proves that the government is not serious in resolving the runaway inflation, but a staunch sponsor of neoliberal privatization of water utilities,” said Casilao, member of the leftist Makabayan bloc in the House of Representatives.
Casilao said the water rate hike to be imposed on Maynilad and Manila Water subscribers would also affect small businesses, who will be compelled to pass their costs on their consumers.
Also on Monday, Senator Francis Pangilinan urged the government to focus on the price of rice, because it is a primary driver of inflation.
READ: September inflation may hit 7.1%
“And if the price of rice goes up, the result is hunger,” he said.
Among the poor, he said, 70 percent of expenses go to food, 30 percent of which is rice.
READ: September inflation jumps to 6.7%
