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Wednesday, February 21, 2024

Oil price hiked for 3rd straight week: P40/li

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The country’s oil firms raised pump prices by as much as P0.40 per liter as of 6 a.m. Tuesday to reflect the movement of prices in the world oil market.

The oil firms raised the price of gasoline by P0.40 per liter, diesel by P0.35 per liter and P0.15 per liter for kerosene, the third consecutive weekly oil price hike.

“Petron will implement the following price increase effective 6 a.m. on Sep 14: P0.40/li for gasoline; P0.35/li for diesel; and P0.15/li for kerosene. These reflect movements in the international oil market,” Petron Corp. said in its advisory.

Phoenix Petroleum Philippines, Seaoil Philippines, PTT Philippines, Cleanfuel, Chevron Philippines and Petrogazz also issued separate announcements of the latest price adjustment.

Unioil Petroleum Philippines announced over the weekend that fuel prices are expected to go up from September 14 to 20.

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“Diesel will increase by P0.30 to P0.40 per liter. Gasoline will increase by P0.40 to P0.50 per liter,” the company said.

Oil prices went up due to supply tightness owing to Hurricane Ida in the United States. China’s announcement it will release its oil reserves to the market, thereby increasing supply, helped dampen oil prices.

On September 7, local oil companies raised prices in domestic oil products by P0.50 per liter for gasoline, P0.95 per liter for diesel, and P0.60 per liter for kerosene.

These resulted in year-to-date adjustments at a total net increase of P13.35 per liter for gasoline, P10.90 per liter for diesel, and P8.70 per liter for kerosene, according to the Department of Energy.

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