TWO oil companies on Monday raised the price of gasoline by P0.50 and diesel and kerosene by P0.30 per liter, respectively.
PTT Philippines and Seaoil Philippines made the announcement and the others were expected to follow suit.
Seaoil said it made the price adjustments “to reflect the movements in the international petroleum market.”
The Energy Department said higher oil prices were supported by indications that the major oil producers were complying with the supply cut agreed on.
It said the increase in US crude inventories was putting pressure on the Organization of Petroleum Exporting Countries to reduce oil production.
The US government’s Energy Information Administration earlier reported a substantial increase in gasoline stockpiles of 6.8 million barrels along with crude oil inventories that went up by 2.8 million barrels.
The price of gasoline has increased by P1.54 per liter so far this year and diesel by P0.90