The country’s oil firms raised prices by as much as P9.40 per liter effective Tuesday to reflect the movement of prices in the world oil market.
The oil firms hiked the price of kerosene by P9.40 per liter, diesel by P8.65 per liter, and gasoline by P3.40 per liter.
“Effective 12:01AM March 29, 2022, Caltex (CPI) will increase fuel prices of Platinum by P3.40 per liter, Silver by P3.40 per liter, diesel by P8.65 per liter and kerosene by P9.40 per liter,” Chevron Philippines said in its advisory.
Petron Corp., Pilipinas Shell Petroleum Corp., Flying V, Seaoil Philippines, Total Philippines, Phoenix Petroleum Philippines, Cleanfuel, PetroGazz, and PTT Philippines issued separate advisories of the oil price hike.
World oil prices continued its rally last week amid the ongoing Russia-Ukraine crisis and increasing global demand.
On March 22, the oil companies implemented a price cut in domestic oil products after world prices softened due to possible demand decline in Asia and positive signs of the Iran nuclear deal and the Russia-Ukraine peace talks.
The oil firms rolled back gasoline prices by P5.45-P5.50 per liter, diesel by P11.45 per to P11.50 per liter, and kerosene by P8.55 per liter.
These resulted in the year-to-date adjustments to stand at a net increase of P14.90 per liter for gasoline, P19.20 per liter for diesel, and P16.35 per liter for kerosene.