Higher pump prices will kick off the new year for motorists today (Tuesday) with oil firms implementing a price hike of as much as P3.05 per liter for kerosene.
Gasoline prices will go up by P2.90 per liter while diesel will go up by P2.10 per liter, according to Petron Corp., the country’s biggest oil company.
Aside from Petron, Seaoil Philippines and PTT Philippines also issued their latest price advisories, while other companies are expected to follow.
The higher pump prices followed the decrease in cooking gas or liquefied petroleum gas (LPG) implemented by the oil companies on Jan. 1.
Oil firms cut the price of LPG by P3.09 per kilo or P33.99 per 11-kilo tank to reflect the lower contract price of LPG in the world oil market.
The Department of Energy said last week that oil prices would likely increase by as much as P3.30 per liter on increased global oil demand due to holiday travels and the EU’s ban on Russian oil products.
China’s demand recovery as restrictions loosened also drove world oil prices up, but the increasing COVID-19 infections and fears of renewed global COVID surge from Chinese travelers dampened this.
On Dec. 28, oil firms cut the diesel price by P0.20 per liter, while gasoline and kerosene prices increased by P0.95 and P0.50, respectively.
These resulted in the total year-to-date adjustments at a net increase of P14.90 per liter for gasoline, P27.30 per liter for diesel, and P21.30 per liter for kerosene.