The country’s oil firms raised the price of gasoline by P1.20 per liter for gasoline, P0.95 per liter for diesel, and P1 per liter for kerosene effective 6 am Tuesday amid an anticipated global tightening of oil supply.
“Petron will implement the following price increases effective 6 a.m. on Feb. 23: P1.20/li for gasoline; P0.95/li for diesel; and P1.00/li for kerosene. These reflect movements in the international oil market,” Petron Corp. said in its advisory.
Aside from Petron, Pilipinas Shell Petroleum Corp., PTT Philippines, Cleanfuel, Seaoil Philippines, Seaoil Philippines, Flying V, and PetroGazz issued separate advisories of the oil price hike. Other oil companies are expected to follow suit.
Over the weekend, Unioil Philippines said consumers can expect another round of higher pump prices this week.
“Diesel should increase by P1 to P1.10 per liter. Gasoline should increase by P1.10 to P1.20 per liter,” Unioil Philippines said.
This is the fourth consecutive weekly oil price increase.
On February 16, the oil firms raised the price of gasoline by P0.75 per liter, P1.25 per liter for diesel and kerosene by P1.10 per liter.
On February 9, the oil firms raised the price of gasoline by P0.85 per liter, diesel by P1.10 per liter and kerosene by P1 per liter.
On February 2, the oil firms raised the price of gasoline by P0.25 per liter but cut the price of kerosene by P0.25 per liter. The oil firms did not move diesel prices.
World oil prices continued to edge up higher with investors expecting stronger demand for oil in the second quarter amid the accelerating global vaccination program while compliance with agreed OPEC production cuts seemed to be holding.