Oil firms raised pump prices by as much as P1.15 per liter effective 6am Tuesday to reflect the movement of prices in the world oil market.
Seaoil Philippines, Chevron Philippines, Jetti Petroleum, PetroGazz, and PTT Philippines issued separate advisories of the latest oil price hike of P1.15 per liter for gasoline, P1.10 per liter for diesel, and kerosene by P0.80 per liter.
The other oil companies are expected to follow suit,
Department of Energy Oil Industry Management Bureau (OIMB) Director Rodela Romero said last week’s oil prices went up due to worsening geopolitical tensions.
“These adjustments are attributed to the following, escalating geopolitical situation around Russia continued to dominate sentiment, underpinning the week’s gains, Russia’s oil refinery business is at risk of plant closure amid heavy losses, lower production, and news of oil production outage in Norway,” Romero said.
Jetti Petroleum president Leo Bellas said supply concerns were triggered by escalating geopolitical tensions, one of which is the use by Ukraine of Western weapons striking Russian territory and energy infrastructure.
He said worries of an oversupplied market in the coming months limited gains.
On Nov. 19, the oil firms cut pump prices by P0.85 per liter for gasoline, P0.75 per liter for diesel and P0.90 per liter for kerosene.
Year to date, total adjustment for gasoline and diesel stands at a net increase of P11 per liter and P10.15 per liter, respectively.
On the other hand, kerosene has a net decrease of P0.50 per liter.
