The country’s oil players raised pump prices by as much P1.15 per liter effective 6 a.m. today (Tuesday) to reflect the movement of prices in the world oil market.
The oil firms raised the price of gasoline by P1.15 per liter, diesel by P0.60 per liter and kerosene by P0.65 per liter, the eighth consecutive week of price increases.
“Petro Gazz will implement a price hike on fuel products effective 6 a.m. July 13, Tuesday. Diesel, P0.60 per liter and P1.15 per liter for gasoline,” the company said.
PTT Philippines, Total Philippines, Seaoil Philippines and Cleanfuel also announced the last oil price hike while other companies are expected to follow.
World oil prices have been trending upwards in the past weeks as world economies recover from the impact of COVID-19 pandemic.
A decline in US inventories and strong demand from China and India also buoyed oil prices.
Unioil Petroleum Philippines announced over the weekend that pump prices will likely go up this week. It forecasted gasoline to go up by P1.10 to P1.20 per liter and diesel by P0.60 to P0.70 per liter.
On July 6, the oil companies raised the price of gasoline by P0.50-P0.60 per liter and P0.10 per liter for diesel. On the contrary, the price of kerosene decreased by P0.05 per liter.
These resulted in year-to-date adjustments to stand at a total net increase of P12.35 per liter for gasoline, P10 per liter for diesel and P8.35 per liter for kerosene.
Meanwhile, the country’s net import bill declined by six percent in the first quarter to $1.864 billion from $1.977 billion on the back of lower volumes to 4,682 million liters from 6,321 million liters in the same period last year.