The country’s oil firms raised the prices of gasoline by P0.80 per liter and diesel by P0.60 per liter effective 6 a.m. today (Tuesday) to reflect the movement of prices in the world market.
The price of kerosene, however, was reduced by P0.10 per liter.
The oil price hike this week is higher than the first four days of trading forecast last week of about P0.10 to P0.40 per liter.
“Petron will implement the following price adjustments effective 6 a.m. on May 23: P0.80 per li increase for gasoline; P0.60 per liter increase for diesel and P0.10 per liter rollback for kerosene. These reflect movements in the international oil market,” Petron Corp. said in its advisory.
Phoenix Petroleum Philippines, Cleanfuel, Seaoil Philippines, Jetti Petroleum, PTT Philippines, and Chevron Philippines issued separate advisories on the latest domestic pump price movement.
World oil prices went up last week amid reports that leaders of the Group of Seven (G7) nations plan to tighten sanctions on Russia at their summit in Japan.
Reports that the US plans to purchase oil for its strategic petroleum reserve and the raging wildfires in Canada fueled supply worries and also influenced domestic pump price movement.
Analysts also took notice of the latest report of the International Energy Agency, which raised its forecast for world oil demand growth in 2023 to 2.2 million barrels per day, with China’s rebound even stronger than previously expected.
This is the second consecutive weekly oil price hike for diesel and gasoline.
On May 16, the oil companies implemented a per liter increase of P0.35 for gasoline, P1.40 for diesel, and P1.20 for Kerosene.
These resulted in a year-to-date net decrease for diesel at P5.65 per liter and kerosene at P6.30 per liter. Gasoline, on the other hand, has a net increase of P4.20 per liter.