Oil companies raised the price of gasoline by P0.95 per liter and kerosene by P0.50 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world oil market. At the same time, they rolled back the price of diesel by P0.20 per liter.
Seaoil Philippines and Unioil Philippines issued their advisory on the price adjustments while other oil companies are expected to follow suit.
Unioil Philippines forecast over the weekend that gasoline will go up by P0.50 to P0.60 per liter while diesel will go down by P0.50 to P0.60 per liter.
On Friday, the Department of Energy said that based on the four-day trading period, the oil firms were expected to cut diesel prices by P0.50 to P0.70 per liter, while gasoline could go up by P0.30 to P0.60 per liter while kerosene would increase by P0.40 to P0.60 per liter.
Reuters reported Friday that oil prices went up by more than $1 as traders expect a drop in Russian crude supply. This offset concerns about lower US transport fuel demand.
Meanwhile, higher COVID infections in China raised concerns over global oil demand.
On Dec. 20, 2022, the oil companies raised the price of gasoline by P0.70, diesel by P2.90 and kerosene by P1.65 per liter.
These resulted in a net increase of P13.95 per liter for gasoline, P27.50 per liter for diesel and P20.80 per liter for kerosene from the start of the year.
Pump prices are adjusted every Tuesday to reflect the movement of prices in the world oil market. Prices vary depending on the brand, location, and market forces.