Seaoil Philippines and Petro Gazz announced a P0. 40 per liter increase in gasoline and P0.10 per liter rollback for diesel effective 6 am Tuesday to reflect the movement of prices in the world market.
Oil players earlier announced that pump prices will likely increase for gasoline by P0.30 to P0.40 per liter this week but will continue to cut the price of diesel by P0.10 to P0.15 per liter.
The Department of Energy said this week’s oil price movement was influenced by several factors.
DOE said in its latest monitoring report that US oil prices stabilized on Friday, buoyed by a fall in US crude oil inventories.
The producer group Organization of Petroleum Exporting Countries, however, agreed to cut production by 1.2 million barrels a day by Jan. 1 in a bid to reverse falls in prices in recent months.
DOE said oil producers have been hit by a 30-percent plunge in crude prices since October due to oversupply but demand outlook has weakened amid a global economic slowdown.
Energy Secretary Alfonso Cusi said last week that Qatar’s decision to leave OPEC will also have an impact on oil prices globally.
“Qatar will be acting more independently and hopefully that would increase their production and increase the supply in the world market. If there will be more supply, then the price would go down,” Cusi said.
READ: Oil tax hike to feed inflation—Recto