Pump prices went up by P0.65 per liter effective 6 am today”•the fourth consecutive oil price increase”•to reflect the movement of world oil prices.
“Phoenix Petroleum Philippines will increase the prices of gasoline and diesel by P0.65 per liter effective 6am 11 September 2018,” the company said in its advisory.
Phoenix aside, PTT Philippines and Seaoil Philippines also announced an increase in their prices, and the other oil companies were expected to do the same.
The oil firms also raised the price of diesel by P1.20 per liter and gasoline and kerosene prices by P0.95 per liter effective 6am on Sept. 4.
World oil prices reacted to reports that oil rigs were being evacuated in preparation for a hurricane that would affect the Gulf of Mexico.
Prices also went up amid concerns of possible supply problems starting 2019 due to the US sanctions against Iran.
On Aug. 28, the oil firms also raised pump prices by P0.60 per liter of diesel, P0.45 per liter of kerosene and P0.10 per liter of gasoline.
The oil firms also raised diesel and gasoline prices by P0.25 and P0.15 per liter, respectively, on Aug. 14.