The country’s oil firms are increasing the pump price of diesel by P0.75 per liter and P0.50 per liter for kerosene effective 6 am Tuesday.
On the other hand, the firms cut the price of gasoline by P0.20 per liter to reflect the movement of prices in the world oil market.
“Petron will implement the following price adjustments effective 6 a.m. on July 11: P0.20 per liter rollback for gasoline; P0.75 per liter increase for diesel and P0.50 per liter for kerosene.
These reflect movements in the international oil market,” Petron Corp. said in its advisory.
Other oil firms also implemented the mixed price movement such as Seaoil Philippines, Phoenix Petroleum Philippines, Chevron Philippines, Jetti Petroleum and Cleanfuel.
Department of Energy director for the Oil Industry Management Bureau Rodela Romero said that the mixed price movement this week is “due to the monetary policy implemented by Central Banks of big countries to address inflation while the increase is attributed to the output cut of KSA (Kingdom of Saudi Arabia) for July to be joined by Russia and Algeria by August.”
On July 4, the oil firms cut the price of kerosene by P0.85 per liter and diesel and gasoline by P0.70 per liter.