The country’s oil firms raised pump prices by as much as P0.90 per liter to reflect the movement of prices in the world market.
Oil firms Pilipinas Shell Petroleum Corp., Seaoil Philippines and Flying V hiked the price of gasoline by P0.90 per liter, kerosene by P0.80 per liter and diesel by P0.65 per liter effective 120 a.m. Tuesday.
Other oil companies are expected to follow suit.
“This to reflect the movements in the international petroleum market,” Seaoil Philippines said in its advisory.
World oil prices rallied last week due to reports of a fall in crude stock, according to reports from the Energy Information Administration of the US.
Domestic pump prices follow the movement of world oil prices on a weekly basis as more than 90 percent of the country’s fuel requirements are imported.
The oil price hike reversed the price rollback implemented last week wherein the oil firms cut the price of diesel by P0.60 per liter, kerosene by P0.50 per liter and gasoline by P0.20 per liter.
