The country’s oil firms raised pump prices by as much as P0.90 per liter effective Tuesday to reflect the movement of oil prices in the world market, triggering the fourth consecutive oil price increase.
The oil firm implemented an oil price increase of P0.90 per liter for kerosene, P0.80 per liter for diesel and P0.75 per liter for gasoline.
Pilipinas Shell Petroleum Corp., Chevron Philippines, Seaoil Philippines, PetroGazz, Eastern Petroleum Philippines and PTT Philippines issued separate advisories of the increase.
“Effective 12:01 a.m. April 30, 2019, CPI [Caltex] will increase the wholesale posted price of Platinum and Silver by P0.75 per liter, diesel by P0.80 per liter and kerosene by P0.90 per liter [all VAT inclusive],” Caltex said.
Unioil Petroleum Philippines announced in its weekly fuel forecast for April 30 to May 6, that the price per liter of diesel might increase by P0.75 to P0.85, while gasoline price should go up by P0.70 to P0.80 per liter.
Local oil companies usually implement fuel price adjustments every Tuesday of the week.
World oil prices reacted upwards amid supply disruptions and rising geopolitical concerns, specifically tensions between the US and Iran.
The US announced it will not renew waivers for countries that import Iranian crude after May 2.
Latest data from the Department of Energy showed diesel prices range from P41.94 to P46.25 per liter, while gasoline prices range from P53.00 to P59.96 per liter.
Last April 23, the oil firms also raised the price of gasoline by P0.10 per liter but did not move diesel and kerosene prices.
Prior to the latest increase, the year-to-date adjustments stood at a net increase of P8.05 per liter of gasoline, P5.40 per liter of diesel and P4.05 per liter of kerosene.
The Energy Department’s latest monitoring showed that gasoline prices in Metro Manila ranged from P51.39 to P63.62 per liter, diesel from P41.94 to P49.70 per liter and kerosene from P45.49 to P55.70 per liter.