The oil firms will implement a big time oil price hike of as much as P2.70 per liter effective 6am today to reflect the movement of prices in the world oil market.
The oil firms will increase the price of diesel by P2.70 per liter, kerosene by P2.10 per liter and gasoline by P1.70 per liter. On Oct. 28, the oil firms implemented an increase of P1.20 for gasoline, P2 per liter for diesel and P1.70 per liter for kerosene.
PTT Philippines, Seaoil Philippines, Cleanfuel and Chevron Philippines issued separate advisories of the latest oil price movement.
This followed the P0.50 per kilo rollback in liquefied petroleum gas or cooking gas equivalent to P5.50 per 11-kilo effective Nov. 1 to reflect the lower contract price of LPG in the world market.
Jetti Petroleum president Leo Bellas said last week global oil prices continued its rally as the sanctions on Russian oil producers Rosneft and Lukoil, which together account for more than 5 percent of global oil output, have introduced significant compliance risks and uncertainty into the market.
“Growing concerns that refined products output will tighten globally due to the US sanctions on key Russian producers have resulted in strengthening diesel and gasoline prices outside of crude movements,” Bellas said.
Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau signs of easing US – China trade tensions that will boost demand; and the UK, US and EU sanctions to Russia rallied global oil prices.
Year-to-date total net increase stands at P16.50 per liter for gasoline, P19.15 per liter for diesel and P6.55 per liter for kerosene.
