Local oil firms implemented pump price hikes of as much as P1.20 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world oil market.
The oil firms raised the price of kerosene by P1.20 per liter, diesel by P1.05 per liter, and gasoline by P0.20 per liter.
“Petron will implement the following price increases effective 6 a.m. on June 27: P0.20 per liter for gasoline; P1.05 per liter for diesel and P1.20 per liter for kerosene. These reflect movements in the international oil market,” the company said in its advisory.
PTT Philippines, Seaoil Philippines, Phoenix Petroleum Philippines, PetroGazz, Flying V, Jetti Petroleum, and Chevron Philippines also adjusted pump prices.
Department of Energy director for the Oil Industry Management Bureau Rodela Romero said last week all prices of petroleum products will increase by Tuesday.
“Oil prices rose taking some support from strong US economic data and hopes of improving demand in Asia plus possible unexpected drawdown in US stockpile,” Romero said.
She said the pronouncement of the Organization of the Petroleum Exporting Countries of a production cut that will take effect in July shored up oil prices.
On June 20, the oil companies implemented a rollback in the price of petroleum products. Gasoline went down by P0.35 per liter, diesel by
P0.10 per liter, and kerosene by P0.30 per liter.
These price adjustments resulted in a year-to-date net decrease for diesel at P4.05 per liter and kerosene at P6.35 per liter.
Gasoline, on the other hand, has a net increase of P6.35 per liter, according to the DOE.