Pump prices will go up by as much as P2.10 per liter at 6 a.m. Tuesday to reflect the movement of fuel prices in the world oil market.
The oil firms set a big-time price hike of P2.10 per liter for diesel, P1.90 per liter for gasoline, and P1.80 per liter for kerosene, higher than the forecast prices last week.
“Phoenix Petroleum Philippines will increase the prices of gasoline by P1.90 per liter and diesel by P2.10 per liter effective 6AM of 18 July 2023,” the company said in its advisory.
Phoenix does not sell kerosene products.
Chevron Philippines, Seaoil Philippines, Cleanfuel, Jetti Petroleum, and PTT Philippines issued separate advisories of the increase.
On Friday, the Department of Energy forecasted a hike of more than one peso per liter across all fuel products, while industry sources said diesel may go up by P1.85 to P1.95 per liter and gasoline by P1.65 to P1.75 per liter.
Rodela Romero, DOE Director for the Oil Industry Management Bureau, said the higher prices were due to the planned supply cuts by the world’s biggest oil exporters, and hopes for higher demand in the developing world offset wider economic concerns globally.
On July 11, local oil companies rolled back the price of gasoline by P0.20 per liter, but increased the price of diesel by P0.75/liter and kerosene by P0.50/liter, respectively.
These price adjustments resulted in a year-to-date net decrease of P2.95 per liter for diesel and P5.50 per liter for kerosene.
Gasoline, on the other hand, has a net increase of P5.65 per liter so far in 2023.