The country’s oil firms raised pump prices by as much as P0.55 per liter effective 6 a.m. Tuesday amid increased global demand for oil products.
PTT Philippines, Seaoil Philippines, Phoenix Petroleum Philippines, Eastern Petroleum Philippines and Flying V issued separate advisories of the oil price hike.
The oil firms raised diesel and kerosene prices by P0.55 per liter and gasoline by P0.25 per liter.
“Seaoil will adjust its pump prices per liter effective 6 a.m. Oct. 3 as follows: gasoline, P0.25 increase, diesel, P0.55 increase and kerosene, P0.55 increase. This is to reflect movements in the international petroleum market,” Seaoil said.
The Energy department attributed the latest increase to the release of information from the International Energy Administration of higher demand outside the US.
It also noted that Asian gasoline market slightly strengthened following higher crude prices.
“Oil climbed as investors considered the potential fallout from the independence referendum in the oil rich Kurdish region in Iraq,” it said.
Last Sept. 26, the oil firms raised the prices of diesel and kerosene by P0.45 per liter and P0.65 per liter but did not adjust gasoline prices.
Oil players also raised the price of cooking gas by as much P4.90 per kilo on Saturday to reflect the higher contract price of liquefied petroleum gas in the world market.
The increase represents higher LPG prices for consumers amounting to P53.90 per 11-kilo tank, used primarily by households.
“Petron will increase the prices of LPG by P4.90 per kilo [VAT inclusive] effective 12:01 a.m. Oct. 1,” Petron said.
Rival Isla Petroleum which sells the Solane brand of LPG also raised prices by P4.38 per kilo (VAT exclusive) effective 6 a.m. Oct. 1.
Petron said it is also increasing its auto LPG prices by P2.75 per liter at the same time.
“This is to reflect movements in the international contract prices for the month of October,” Petron said.
Last Sept. 1, oil firms also raised LPG prices by P2.74 per kilo or P30 per 11-kilo tank.
The oil firms adjust LPG prices every first day of the month while they adjust pump prices of gasoline, diesel and kerosene every week.