The country’s oil firms raised pump prices anew this week by as much as P2.35 per liter effective 6 am Tuesday.
The oil firms implemented an oil price hike of P2.35 per liter for kerosene, P1.25 per liter for gasoline, and P0.55 per liter for diesel to reflect the movement of prices in the world market.
“These reflect movements in the international oil market,” Petron Corp. said in its advisory.
Pilipinas Shell Petroleum Corp., PTT Philippines, Seaoil Philippines, PetroGazz, and Total Philippines also issued separate advisories on the latest oil price movement.
The oil companies attributed the higher oil prices to the additional production cut of Saudi Arabia of one million barrels per day and optimism of more demand due to the several countries opening up from lockdown.
Over the weekend, Unioil Philippines forecasted a price increase of P0.50 to P0.60 per liter for diesel and P1.30 to P1.40 per liter for gasoline.
On February 12, the oil firms also raised the price of gasoline by P2 liter for gasoline, P1.90 per liter for diesel and P1.25 per liter for kerosene.
Meanwhile, the Energy Department does not expect the oil firms to impose this week the impact of the imposition of Executive Order 113 putting additional 10 percent duty on all crude petroleum oil and refined petroleum products.