Oil prices went up by P0.45 per liter to reflect the movement in world oil prices.
Pilipinas Shell Petroleum Corp. and Phoenix Petroleum announced their respective oil price hikes, which took effect 6 a.m. Tuesday. Other oil firms were expected to follow suit.
The oil firms raised the price of gasoline by P0.45 per liter, diesel by P0.20 per liter and kerosene by P0.10 per liter.
Phoenix said in its advisory that the higher pump prices was “due to the higher prices of refined petroleum products in the international market.”
World oil prices were expected to go up amid expectations that the Organization of Petroleum Exporting Countries led by Saudi Arabia would maintain high production target.
Last Nov. 24, the oil firms cut pump prices by as much as P0.80 per liter. They slashed the price of gasoline by P0.75 per liter, P0.50 per liter for diesel and P0.80 per liter for kerosene
The previous week, the oil firms also cut pump prices by P0.40 per liter for gasoline, P0.35 for liter for diesel and P0.45 per liter for kerosene.