Oil firms will implement another round of oil price hikes for domestic petroleum products by P0.90 per liter effective 6am Tuesday due to the volatility in world oil prices.
The oil firms raised the price of diesel by P0.90 per liter, gasoline by P0.45 per liter and kerosene by P0.30 per liter for the second consecutive week.
This is within last week’s estimates of the Department of Energy (DOE) of P0.30 to P0.60 per liter for gasoline, P0.65 to P0.90 per liter for diesel and P0.40 to P0.50 per liter for kerosene.
Jetti Petroleum, Cleanfuel, PetroGazz, Seaoil Philippines, and Cleanfuel issued separate advisories of the oil price hike while other companies are expected to follow.
DOE director for the oil industry management bureau Rodela Romero said last week world oil prices went up week on week due to uncertainty in supply underpinned by an escalation in Middle East hostilities and the latest economic stimulus of China, offsetting weak demand growth from Europe.
She said the US crude inventory draw is also a “bullish signal indicating tightening global supplies.” On Sept. 24, 2024, the oil companies increased pump prices by P1.20 per liter for gasoline and P0.20 per liter for diesel.
