OIL companies are raising fuel prices by as much as P1.20 a liter effective Tuesday to reflect movements in the global oil market.
In a statement, Flying V said it would raise gasoline prices by P1.10 a liter, diesel by P1.20 a liter and kerosene by 95 centavos a liter effective May 15 at 6 a.m.
PTT Philippines and Seaoil Philippines also issued price increase advisories, while other oil companies are expected to follow suit.
World oil prices have moved up due to ongoing tensions in the Middle East after Iranian forces in Syria fired rockets at Iraeli forces in the Golan Heights.
US President Donald Trump also announced last week his administration’s withdrawal from the Iran nuclear deal, which further affected world prices.
Reports from the US Energy Information Agency that prices of crude oil and gasoline will increase this year further fueled the hike in world prices.
The benchmark Brent crude reached $77 per barrel last week.
On May 8, the oil firms cut the price of kerosene by P0.60 per liter, gasoline by P0.30 per liter and diesel by P0.30 per liter amid reports of increased drilling activity in the US due to higher crude prices, which could increase global oil supply.