The oil companies increased prices by P1.20 per liter of gasoline, P1 per liter of kerosene and P0.95 per liter of diesel effective today, Tuesday.
Pilipinas Shell Petroleum Corp., Eastern Petroleum Corp., Unioil Philippines, and Seaoil Philippines issued separate advisories on the third consecutive weekly oil price increase that they said reflected the movement of prices in the world market.
“Please see fuel price change increase of Shell effective 6 a.m. Tuesday 2 July 2019. Gas, increase of P1.20, kerosene, increase of P1 and diesel, increase of P0.95,” Shell said.
The other oil companies were expected to follow suit.
According to the latest monitoring report of the Department of Energy, the ongoing trade war between the US and China could dampen demand.
The Energy department said the weak manufacturing data released last week added to the worries about slipping demand for crude oil.
The department says some analysts see the oil supply remaining tight as the Organization of Petroleum Exporting Countries and its allies, including Russia, might extend their production cuts during their meeting in Vienna this week.