The country’s oil firms implemented a big time oil price hike of as much as P1.90 per liter for gasoline effective 6am today to reflect the movement of prices in the world oil market.
The oil firms also raised the price of diesel by P1.20 per liter and kerosene by P1 per liter.
“The adjustments reflect the movement on prices of refined fuel products, freight and market premiums in the international market,” Jetti Petroleum said in its advisory.
Aside from Jetti, Cleanfuel and Seaoil Philippines also issued separate advisories of the latest oil price movements.
The higher domestic prices were driven by the trade deal between the US and European Union and the threat of US sanctions on Russia and buyers of Russian oil.
Jetti president Leo Bellas said diesel prices went up as supply tightened while the bigger-than-expected decline in US gasoline stocks supported the view of a strong driving season and as peak summer demand surges.
The depreciation of the peso against the US dollar has also pushed this week’s price average higher than last week, Bellas said.
Rodela Romero, Department of Energy director for the Oil Industry Management Bureau said last week renewed concerns over supply disruptions following US President Trump’s sanction on Russia and Iranian oil and hopes of improved economic activity after the US – EU trade deal pushed up oil prices.
Data from the DOE showed that prevailing prices of petroleum products from the National Capital Region showed that gasoline is sold from P49 to P73.45 per liter, diesel from P49 to P72.33 per liter and kerosene from P71.20 to P87.49 per liter.
