Oil consumers will have to brace for a new round of oil price hike this week of as much as P0.85 per liter, the third consecutive weekly oil price increase.
The oil firms raised the price of gasoline by P0.85 per liter, diesel by P0.70 per liter and kerosene by P0.70 per liter starting 6am today (Tuesday).
“Seaoil Philippines will adjust its pump prices per liter effective 6 a.m., May 1 as follows, increase of P0.85 per liter for gasoline, increase of P0.70 per liter for diesel and increase of P0.70 per liter for kerosene,” it said.
Seaoil said the new round of price increase “reflect movements in the international petroleum market.”
Aside from Seaoil, Phoenix Petroleum Philippines, PTT Philippines, Eastern Petroleum, Unioil Philippines and Flying V announced separately the latest round of oil price hike.
Other oil companies are expected to follow suit.
World oil prices moved upwards on reports the US will reimpose sanctions on Iran in May over Tehran’s nuclear program.
Worsening political and economic situation in Venezuela also affected global oil prices.
Last April 24, the oil firms raised pump prices by P0.65 per liter for diesel and kerosene and P0.40 per liter for gasoline.
On April 17, the oil firms increased the price of gasoline by P0.35 per liter, biodiesel by P0.55 per liter and kerosene by P0.80 per liter.