Oil players raised pump prices by P0.35 per liter for diesel and P0.25 per liter for kerosene starting Tuesday to reflect the movement of world oil prices.
The oil players, however, did not move gasoline prices. Oil prices move on a weekly basis.
World oil prices went up amid expectations that the Organization of Petroleum Exporting Countries will continue to cut supply while the Canada to US pipeline shutdown due to a spill also helped pushed up prices last week.
The OPEC is expected to meet on November 30 and traders expect an announcement that the production cut will be extended beyond March next year.
“Seaoil will adjust pump prices per liter effective 6am, November 28 as follows: gasoline, no change; diesel, increase of P0.35 and kerosene, increase of P0.25, per liter,” the company said in its advisory.
Aside from Seaoil, oil firms who issued price advisories of the increase includes Phoenix Petroleum Philippines, PTT Philippines, Eastern Petroleum, and Flying V while other oil firms are expected to follow.
Last November 21, the oil firms cut the price of gasoline by P0.50 per liter, kerosene by P0.35 per liter and diesel by P0.15 per liter after a series of price hikes.
The Department of Energy earlier established an upgraded standard for automotive diesel oil to further improve fuel quality and lessen its impact on the environment.
“The new Philippine standards for automotive diesel oil is in line with our mandate to implement programas and policies that will complement and comply with existing international and environmental standards for fuel,” Energy Secretary Alfonso Cusi said.
He said that the task of ensuring fuel quality is equally important alongside the government’s mission of maintaining stable supply of oil in the country.
The new PNS for automotive diesel oil contains revised technical provisions to upgrade fuel quality requirement, such as reduced sulfur content limit in compliance with Euro-4 emission standard, and test methods for more accurate evaluation of fuel quality.
It is separate and distinct from the standards of the Industrial Diesel Oils, which has distinct standard designation, specifically PNS/DOE QS 013:2017.
“The primary impact of the new PNS for diesel strengthens the government’s consistent and continuing program towards the use of cleaner fuels and promotion of indigenous and sustainable energy resources with the end view of reducing dependence on imported oil,” Cusi said.
The new PNS for automotive diesel oil also supports the country’s commitment in the international community to reduce carbon emissions through smarter and more efficient use of automotive fuel for transport.