THE oil companies raised pump prices by as much as P0.65 per liter effective Tuesday to reflect the movement of world oil prices.
They raised the price of diesel by P0.65 per liter, kerosene by P0.60 per liter and gasoline by P0.45 per liter.
Phoenix Petroleum Philippines, PTT Philippines, Eastern Petroleum, Seaoil Philippines and Flying V said the price adjustments will take effect at 6 a.m.
World oil prices during the first week of April were affected by strong demand and the United States’ missile attack on Syria.
The Energy department said Syria had limited oil production but its location in the Middle East and its alliances with big oil producers raised worries about a spreading conflict that could disrupt crude oild shipments.
The department said expectations of an extension in the cut in oil production from the Organization of Petroleum Exporting Countries also supported the price increase.
This was mitigated, however, by news of restored Libyan oil output and Baker Hughes data as of April 7, showing additional 10 oil rigs bringing the total rig count up to 672, reportedly the highest count since August 2015.
There was also higher demand for gasoline from Vietnam, Japan, Saudi Arabia, Malaysia and Indonesia, though supply remained ample and stocks remained high
On April 11, the oil companies implemented an increase of P1.10 per liter for gasoline and P0.90 per liter for diesel and kerosene.