The oil companies again raised pump prices by P0.65 per liter of gasoline and P0.10 per liter of kerosene and diesel, respectively, effective 12:01 a.m. on Tuesday, triggering the seventh round of weekly oil price increases.
“Effective 12:01AM Mar 26, 2019, Chevron Philippines Inc. (Caltex) will increase wholesale posted price of Platinum and Silver by P0.65 per liter, diesel by P0.10 per liter and Kerosene by P0.10 per liter (all VAT-inclusive),” Chevron said in its advisory.
Chevron aside, Pilipinas Shell Petroleum Corp., Unioil Philippines, Eastern Petroleum, PTT Philippines and Seaoil Philippines also announced increases while the other oil companies were expected to follow.
Unioil forecast over the weekend that gasoline would go up by P0.65 to P0.75 per liter while diesel would go up by P0.05 to P0.10 per liter.
The latest increase will bring the price adjustments since the start of the year to a net increase of P6.75 per liter of gasoline, P4.75 per liter of diesel and P3.55 per liter of kerosene.
Oil prices went up last week after US government data revealed a nearly 10-million-barrel weekly drop in domestic crude inventories, along with hefty declines in both gasoline and distillate stockpiles, the Department of Energy said in a statement.
Supply cuts by the Organization of Petroleum Exporting Countries and non-affiliated allies such as Russia and US sanctions against Iran and Venezuela also pulled up oil prices.
OPEC announced this week that it would cancel its planned meeting in April, delaying the decision to June on whether to stick to its plan to curb production by 1.2 million barrels a day.
The DOE said, however, that price gains had been checked by concerns that a slowing global economy and a protracted trade dispute between the US and China would impede fuel consumption.