THE oil companies raised gasoline prices by P0.25 per liter, diesel by P0.25 per liter and kerosene by P0.45 per liter starting 6 a.m. Tuesday to reflect the movement of world oil prices.
“PTT Philippines to implement P0.25 per liter price hike on both Gasoline & Diesel effective 6am Tuesday, Oct. 31, 2017,” PTT said in its advisory.
The oil firms that issued price advisories included Seaoil Philippines, Phoenix Philippines and Flying and Pilinas Shell.
The Energy department said oil prices went up due to speculations of possible supply disruptions from Kurdistan amid the conflict between the Kurds and the Iraqi government.
Reports that the US drilling rigs declined for the third week in a row also pushed up prices.
“Oil prices jumped about two percent on Friday, with the global benchmark Brent crude rising above $60 per barrel,” the Energy Department said.
“The price increases were buoyed by statements from the world’s top producers that supported extending a deal to rein in output.”
The Philippines imports more than 90 percent of its fuel requirements.
On Oct. 24, the oil firms raised the price of gasoline by P0.65 per liter, kerosene by P0.55 per liter and diesel by P0.35 per liter.