Oil prices are expected to go up by as much as P0.85 per liter starting today (Tuesday) to reflect the movement of world oil prices.
The oil firms raised the price of kerosene by P0.85 per liter, diesel by P0.75 per liter and gasoline by P0.55 per liter effective 12:01 a.m. on May 30.
Among the companies that announced the price hike includes Flying V, PTT Philippines, Seaoil Philippines and Phoenix Petroleum Philippines while others are expected to follow suit.
Oil firms received a boost at the global market following news that members and non-members of the Organization of Petroleum Exporting Countries agreed to extend production cuts for nine months until March 2018.
Opec and the 11 non-Opec producers, including Russia, gathered last May 25 in Vienna to come to an agreement to extend their six-month agreement, which is set to expire at the end of June.
Despite the production cut extension, stockpiles and production from non-participating countries remain high and analysts believe oil prices will hover at $60 per barrel this year.
Last May 23, the oil firms also raised the price of kerosene by P0.70 per liter, gasoline by P0.65 per liter and diesel by P0.60 per liter.
Last May 16, the oil companies implemented a P0.30 per liter increase in gasoline but there was no movement in the price of diesel and kerosene.