THE country’s oil firms implemented a big-time increase of as much as P1.50 per liter starting Tuesday due to speculations of a production curb and the impact of the peso depreciation.
The oil firms raised the price of gasoline by P1.50 per liter, kerosene by P1.40 per liter and diesel by P1.20 per liter effective November 29.
Among the companies that issued price advisories are Eastern Petroleum, Phoenix Petroleum, Flying V, Unioil Philippines, Seaoil Philippines and Pilipinas Shell Petroleum Corp. while other companies are expected to follow suit.
Sources said over the weekend that estimates show an increase in the prices of gasoline, diesel and kerosene between P1.20 to P1.50 per liter.
The source said prices are set to go up amid speculations of a supply cut ahead of the November 30 meeting among the Organization of the Petroleum Exporting Countries.
Traders are optimistic that Opec would reach an agreement to cap production at its meeting in Vienna this week.
The source added that the peso depreciation also affected prices. The peso depreciated to nearly P50 to the US dollar last week.
The oil companies implemented a P0.10 per liter increase in gasoline last November 22. There were no movements in the prices of diesel and kerosene.