Petroleum companies are raising pump prices today, the fourth oil price hike this month.
The companies said the price of gasoline would increase by P0.40 per liter while the prices of diesel and kerosene would rise by P0.20 and P0.10 per liter, respectively.
“This is to reflect movements in the international petroleum market,” Seoil Philippines said in an advisory.
Other oil firms that issued advisories on price hikes were Pilipinas Shell Petroleum Corp., Eastern Petroleum Corp., PTT Philippines and Phoenix Petroleum Philippines.
Oil has climbed back from a 12-year low earlier this year on speculation the global surplus will ease as US output declines and major producers including Saudi Arabia and Russia proposed an output freeze.
Iran and Libya are the only two Opec members that haven’t pledged to attend production cap talks next month.
Local oil firms announced the biggest oil price hike on March 15, with gasoline price rising by P1.60 a liter, diesel by P1.25 a liter and kerosene by P1.15 a liter.
The Energy Department said that during the March 14 to 18 trading week, the average Dubai crude increased by around $0.30 per barrel from the previous week.
It also said that based on MOPS (Mean of Platts Singapore), gasoline and diesel prices went up by more than $0.50 and $0.30 per barrel, respectively.