The country’s oil firms implemented another round of oil price hike of as much as P0.60 per liter effective 6am Tuesday to reflect the movement of prices in the world oil market.
The oil firms raised the price of diesel by P0.60 per liter, kerosene by P0.55 per liter, and gasoline by P0.50 per liter.
Pilipinas Shell Petroleum Corp., Petron Corp., PTT Philippines, CleanFuel, PetroGazz, and Seaoil Philippines issued separate advisories of the latest oil price increase.
However, Pilipinas Shell said, “price freeze on kerosene will hold in areas under the state of calamity.”
Over the weekend, Unioil Philippines announced that oil prices will likely go up this week.
“Diesel should increase by P0.60 per liter. Gasoline should increase by P0.50 to P0.60 per liter,” Unioil Philippines said.
World oil prices trended higher last week buoyed by optimism of the vaccine rollout that could bring back economic recovery. Higher demand from Asia also boosted world oil prices.
On December 8, the oil firms also hiked pump prices by P0.25 per liter, diesel by P0.40 per liter and P0.60 per liter increase for kerosene.
These resulted to the year-to-date adjustments to stand at a net decrease of P3.22 per liter for gasoline, P7.36 per liter for diesel and P10.59 per liter for kerosene, according to the Department of Energy (DOE).