Oil firms will increase pump prices by as much as P1.55 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world oil market.
Diesel prices will increase by P1.55 per liter, kerosene by P1.40 per liter and gasoline by P1.10 per liter.Seaoil Philippines, Jetti Petroleum and Chevron Philippines already issued separate advisories of the latest oil price hike.
Department of Energy director for the oil industry management bureau Rodela Romero attributed the upward movement in prices to fears of a wider conflict in the Middle East, especially the Israel-Hamas which might spread to include Iran; the Ukraine attack in Russia’s oil refineries; the Organization of the Petroleum Exporting Countries’ decision to continue its policy on production cut; and signs of stronger economic growth in US and India.
Latest DOE monitoring showed that gasoline prices range from P57.40 to P86.67 per liter, diesel from P53.15 to P80.30 per liter and kerosene from P72.04 to P83.79 per liter in the National Capital Region.On April 2, oil firms announced a mixed movement with gasoline prices going up by P0.45 per liter while diesel and kerosene prices went down by P0.60 per liter and P1.05 per liter, respectively.