Oil firms have implemented a hefty P0.85 per liter hike in pump prices effective 6 a.m. today (Tuesday) to reflect the increase in world oil prices week on week.
The price of gasoline and diesel will increase by P0.80 per liter while kerosene will go up P0.85 per liter, triggering the fourth weekly consecutive oil price increase.
“Petron will implement the following price increase effective 6 a.m. on Sep 21: P0.80/li for gasoline; P0.80/li for diesel; and P0.85/li for kerosene. These reflect movements in the international oil market,” Petron Corp. said in its advisory.
Oil prices went up last week amid higher demand globally and the lingering impact of Hurricane Ida on production.
Over the weekend, Unioil Petroleum Philippines forecasted an increase in pump prices for September 21 to 27 of P0.80 to P0.90 per liter for both diesel and gasoline.
On September 14, the oil companies implemented a price increase in domestic oil products of P0.35 to P0.40 per liter for gasoline, P0.35 per liter for diesel and P0.15 per liter for kerosene.
These resulted in year-to-date adjustments to stand at a total net increase of P13.75 per liter for gasoline, P11.25 per liter for diesel and P8.85 per liter for kerosene, according to the Department of Energy (DOE).
DOE monitoring showed that oil prices trended higher last week “on the back of strengthened demand outlooks and concerns that sustained US Gulf production outages could pressure near-term supply outlooks.”
Meanwhile, DOE said Asian gasoline market strengthened on the back of an uptick in regional demand as mobility restrictions were further eased in key consuming countries.