Oil firms implemented a big oil price hike of P2.20 per liter for gasoline effective 6 a.m. Tuesday to reflect the movement of prices in the world oil market.
Diesel prices also went up by P1.40 per liter and kerosene by P1.30 per liter.
PTT Philippines, Jetti Petroleum and Seaoil Philippines issued separate advisories of the oil price increase while other companies are expected to follow.
Department of Energy director for the oil industry management bureau Rodela Romero attributed the increase in pump prices to several factors.
“Oil edges higher driven by speculation surrounding the impact of Ukraine’s recent assaults on Russian big 3 refineries; the reduction of Iraq crude exports; the big draw from US crude and gasoline stockpiles; and the stronger demand and economic growth of US and China,” she said.
On March 12, the oil companies implemented a per liter rollback of P0.50, P0.25 and P0.30 for gasoline, diesel, and kerosene, respectively.
Year-to-date adjustment of gasoline and diesel stands at a net increase of P5.45 per liter and P3.80 per liter.
On the other hand, kerosene prices logged a net decrease of P0.25 per liter.
Gasoline sells from P55.40 to P80.50 per liter, diesel from P52.65 to P82.86 per liter and kerosene from P71.79 to P83.18 per liter at the National Capital Region for the monitoring period of March 19 to 25.