Pump prices went up by as much as P1.15 per liter this week, reversing the price rollback the previous week to reflect the movement of oil prices in the world market.
The oil firms raised the price of kerosene by P1.15 per liter, diesel by P0.85 per liter and gasoline by P0.65 per liter effective 6 a.m. Tuesday.
“PTT Philippines to implement the following price hikes effective 6am Tuesday, February 27, 2018: gasoline, increase of P0.65 per liter and diesel, increase of P0.85 per liter,” PTT said in its advisory.
Aside from PTT Philippines, Eastern Petroleum, Seaoil Philippines, Phoenix Petroleum Philippines also raised prices while other oil players are expected to follow suit.
World oil prices reacted to reports that the global equities market is now on a rebound and tensions in the Middle East which could affect oil production, is tempered by growing US production.