The country’s oil firms implemented a mixed adjustment in pump prices anew to reflect the movement prices in the world oil market.
The firms set a hike of P1.20 per liter for diesel and P2.45 per liter for kerosene but cut the price of gasoline by P1.70 per liter.
“Petron will implement the following price adjustments effective 6 a.m. on May 31: P1.70/li rollback for gasoline; P1.20/li increase for diesel and P2.45/li increase for kerosene. These reflect movements in the international oil market,” the country’s biggest oil company said.
Seaoil Philippines, Chevron Philippines, PetroGazz, PTT Philippines, Cleanfuel, and Total Philippines issued separate advisories of their latest oil price movements. Other oil companies are expected to follow.
The world oil market remained volatile due to the Ukraine-Russia crisis. Reports of China emerging from several weeks of COVID-19 lockdown, which could trigger an increase in demand, and the start of summer driving season in the US also fueled higher prices.
Last May 24, the oil companies raised the prices of gasoline by P3.95 per liter, in contrast to diesel and kerosene, which dropped by P2.30 and P2.45 per liter, respectively.
These resulted in the year-to-date adjustments to stand at a net increase of P25.55 per liter for gasoline, P29.10 per liter for diesel, and P25.20 per liter for kerosene, according to data from the Department of Energy.