The country’s oil firms raised pump prices by as much as P0.80 per liter effective 6am Tuesday to reflect the movement of prices in the world oil market.
The oil firms raised the price of kerosene by P0.80 per liter, diesel by P0.70 per liter, and gasoline by P0.30 per liter.
This is the 8th consecutive week of increase for diesel and kerosene and the seventh consecutive week for gasoline.
“Phoenix Petroleum Philippines will increase the prices of gasoline by P0.30 per liter and diesel by P0.70 per liter effective 6am of August 29, 2023,” the company said in its advisory.
Sources said LPG prices may go up by P2 to P5 per kilo, which translates to a P22 to P55 per kilo increase for every 11-kilo tank, used primarily by households.
LPG is currently sold at P718 to P935 per 11-kilo tank in Metro Manila.
Oil firms adjust LPG prices every first day of the month and pump prices every Tuesday. World oil prices have moved upward as the market reacted to the announcement of Federal Reserve chair Jerome Powell of possible further rate hikes.
On August 22, 2023, oil companies implemented an increase of P1.10 per liter for gasoline, P0.20 per liter for diesel and P0.70 per liter for kerosene.
These price adjustments resulted in a year-to-date net increase of P14.50 per liter for gasoline, P8.80 per liter diesel and P5.84 per liter for kerosene.