The country’s oil firms raised pump prices for the sixth consecutive week effective 6am Tuesday by as much as P1.25 per liter to reflect the movement of prices in the world market.
The oil firms raised the price of kerosene by P1.25 per liter, diesel by P1.20 per liter, and gasoline by P1.05 per liter.
“Phoenix Petroleum Philippines will increase the prices of gasoline by P1.05 per liter and diesel by P1.20 per liter effective 6AM of February 8, 2022,” the company said in its advisory.
Petron Corp., PTT Philippines, Seaoil Philippines, Caltex Philippines, Cleanfuel, and PetroGazz also raised pump prices.
Over the weekend, Unioil Petroleum Philippines announced that consumers can expect fuel prices to go up this week.
It said diesel would increase by P1.10 to P1.20 per liter and gasoline by P1 to P1.10 per liter.
World oil prices have continuously gone up amid anticipation of tight supply versus increasing demand.
According to the Department of Energy, world prices went up last week due to rising geopolitical tensions on the Russia-Ukraine border, supported by a solid demand outlook.
Analysts are predicting global oil prices to reach as high of $100 per barrel due to strong demand, as economies try to go back to normal amid the pandemic.
On February 1, the oil companies implemented a price increase in domestic oil products. Both gasoline and diesel increased by P0.75 per liter while kerosene increased by P0.45 per liter.
These resulted in the year-to-date adjustments to stand at a total net increase of P5.70 per liter for gasoline, P7.95 per liter for diesel, and P7.20 per liter for kerosene.