Domestic pump prices went up for the third consecutive week starting 6am Tuesday by as much as P0.95 per liter to reflect the movement of prices in the world oil market .
The oil firms hiked pump prices by P0.95 per liter for gasoline, P0.65 per liter for diesel and P0.35 per liter for kerosene.
Shell Pilipinas Corp., Jetti Petroleum, PetroGazz, Petron Corp., Cleanfuel and Chevron Philippines issued separate advisories of the latest oil price hike.
This developed as the oil firms also increased the price of liquefied petroleum gas (LPG) or cooking gas by P0.55 per kilogram effective 12:01 am July 1 to reflect the international contract price of LPG for July.
This is equivalent to an increase of P6.05 per liter for every 11-kilo tank.
Department of Energy director Rodela Romero attributed this week’s oil price hike to higher crude oil futures as the global supply outlook remained threatened by “the potential escalation of geopolitical unrest, due to the drone attack of Ukraine hitting Russian refineries, the production restriction of OPEC and the forecast for the peak summer season demand starting third quarter of this year.”
On June 25, 2024, the oil companies implemented an increase on the prices of petroleum products.
The consumers raised the price of gasoline, diesel and kerosene by P1.40, P1.75 and P1.90 per liter, respectively.
Year-to-date, total adjustment of gasoline, diesel and kerosene stand at net increase of P8.30 per liter, P7.75 per liter and P1.40 per liter, respectively.
