The country’s oil firms implemented a pump price hike of as much as P2.80 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world market.
The firms raised the price of kerosene by P2.80 per liter, diesel by P2.60 per liter, and gasoline by P0.70 per liter, ending two consecutive weeks of rollbacks across all petroleum products and seven straight weekly price cuts for diesel.
“Petron will implement the following price increases effective 6 a.m. on August 23: P0.70 per liter for gasoline; P2.60 per liter for diesel, and P2.80 per liter for kerosene. These reflect movements in the international oil market,” Petron Corp. said in its advisory.
Seaoil Philippines, Chevron Philippines, Cleanfuel, Phoenix Petroleum, and PTT Philippines also raised pump prices.
Last week, the Department of Energy (DOE) predicted a possible oil price hike due to the movement of prices in the world market.
Based on the latest trading movement, DOE director for Oil Industry Management Bureau Rino Abad said diesel may go up by P2 per liter, kerosene by slightly more than P2 per liter, and gasoline by P0.50 per liter.
Abad said the increased US fuel consumption and tight supply scenarios pushed prices despite American recession fears.
Local oil firms had cut the price of diesel by P1.05 per liter, gasoline by P0.10 per liter, and kerosene by P0.45 per liter on August 16.
These resulted in the total year-to-date adjustments at a net increase of P16.50 per liter for gasoline, P30.05 per liter for diesel, and P24.30 per liter for kerosene.