The oil distributors raised pump prices by as much as P1.15 per liter effective 6 am today, Tuesday, to reflect the movements in world oil prices.
They increased the price of gasoline by P1.15 per liter, diesel by P0.95 per liter and kerosene by P0.85 per liter.
“This is to reflect the movements in the international petroleum market,” Seaoil Philippines said in its advisory.
Seaoil aside, Phoenix Petroleum Philippines, PTT Philippines, and Flying V also issued advisories on the new prices, while the other distributors were expected to follow suit.
Oil prices went up last week amid the trade tensions between China and the United States, which started to ease only this week.
Saudi Arabia’s move to close a crude shipping lane due to attacks also pushed up prices in the global market, but Brent crude fell to $74.26 per barrel on Friday.
The oil price increases this week offset the price rollbacks implemented on June 24 of P0.70 per liter of gasoline, P1 per liter of diesel and P1.25 per liter of kerosene.