The country’s oil firms raised pump prices by P0.50 per liter for diesel, P0.40 per liter for kerosene and P0.35 per liter for gasoline due to the movement of world oil prices.
“Effective August 1, 2017, 12:01am, Flying V will implement the following price hikes, gasoline by P0.35 per liter, biodiesel by P0.50 per liter and kerosene by P0.40 per liter,” the company said in its advisory.
Eastern Petroleum Corp., Seaoil Philippines, PTT Philippines and Phoenix Petroleum Philippines also issued separate advisories on the oil price increase while other oil companies are expected to follow suit.
Last July 25, the oil firms raised the price of gasoline by P0.90 per liter, kerosene by P0.80 per liter and diesel by P0.65 per liter due to “increase in demand from US and China.”
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.
World oil prices have been going up due to rising demand amid falling supply.
Energy Department director Melita Obillo said factors that had an impact on pump prices last week includes higher consumption from China and India, slowdown in US drilling and “US threat of sanctions against Venezuela’s vital oil sector in response to Sunday’s election of a constitutional super-body.”
Analysts are predicting that world oil prices will stay at the $60 per barrel due to continued demand as US crude inched closer to $50 per barrel last week.