SEAOIL Philippines, Phoenix Petroleum, Unioil Petroleum Philippines Inc. and PTT Philippines on Monday announced they will increase gasoline prices by P1 per liter and diesel by P0.80 per liter.
The other oil companies were expected to follow suit while Seaoil and Petron said they will also increase the price of kerosene by P0.85 per liter.
On Aug. 1, the oil companies also raised pump prices by P0.50 per liter of diesel, P0.40 per liter of kerosene and P0.35 per liter of gasoline.
And on July 25, the oil firms raised the price of gasoline by P0.90 per liter, kerosene by P0.80 per liter and diesel by P0.65 per liter due to an “increase in demand from the US and China.”
Domestic pump prices follow the movement of world oil prices on a weekly basis as more than 90 percent of the Philippines’ fuel requirements are imported.
World oil prices have been going up due to rising demand and falling supply.