Oil companies raised pump prices by P1.75 per liter for gasoline, P1.10 per liter for diesel, and P1 per liter for kerosene at 6 a.m. Tuesday.
In an advisory, Pilipinas Shell Petroleum Corp. said the increase would cover the cost of its imports and the additional 10 percent duty on all crude oil and refined petroleum products under Executive Order 113.
Aside from Shell, Petron Corp., PTT Philippines, Seaoil Philippines, PetroGazz, Phoenix Petroleum Philippines and Total Philippines also raised pump prices.
Other oil companies are expected to follow suit due to the increase in oil prices in the world market.
On Saturday, oil producers led by the Organization of the Petroleum Exporting Countries agreed to extend production cuts to bolster oil prices.
OPEC and other oil producers led by Russia agreed Saturday to cut production by 9.7 million barrels per day.
Unioil Philippines announced over the weekend that diesel should increase by P1.10 to P1.20 per liter and gasoline should increase by P1.70 to P1.90 per liter.
On June 2, the oil companies raised the price of diesel and kerosene P0.25 per liter and P0.80 per liter respectively but cut the price of gasoline by P0.20 per liter.
Before Tuesday’s oil price adjustment, the total year-to-date adjustments showed a net decrease of P9.72 per liter for gasoline, P12.19 per liter for diesel, and P15.64 per liter for kerosene, according to data from the Department of Energy.
