Oil firms said they will implement another big-time oil price hike of P1.20 per liter for both gasoline and diesel effective 6 a.m. today (Tuesday) to reflect the movement of prices in the world oil market.
The oil companies, however, did not move kerosene prices under State of Calamity Proclamation No. 1077.
This will be the sixth consecutive weekly price hike for gasoline and the fourth consecutive week for diesel amid ongoing global market volatility.
Seaoil Philippines, Jetti Petroleum, Cleanfuel and PTT Philippines issued separate advisories on the latest price increase.
Jetti Petroleum president Leo Bellas said last week that gasoline was forecast to increase by P1.30 to P1.50 per liter and diesel by P1 to P1.20 per liter.
“Gasoline prices remain supported as expectations of tighter supply persist, with firm regional demand drawing down inventories and exports from major producers declining due to refinery outages and planned turnarounds,” Bellas said.
He noted that further price increases may be capped as supply tightness is expected to ease with refineries returning from seasonal turnaround.
Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, said international petroleum prices fluctuated last week “due to the latest US sanctions on Russian oil and optimism over a potential end to the US government shutdown.”
“But this was capped by a prediction that rising supply will outweigh demand,” Romero said.
On Nov. 11, oil firms also increased the prices of gasoline and diesel by P0.50 and P1 per liter, respectively.
