THE oil companies raised pump prices by P0.35 per liter of gasoline and P0.20 per liter of diesel and kerosene starting at 12:01 a.m. today, saying world oil prices had gone up.
Eastern Petroleum, Flying V and Unioil Philippines issued separate advisories on the price increases.
“Please be advised that Eastern Petroleum will hike the price of gasoline by P0.35 per liter and diesel by P0.20 per liter at 6AM, August 29, 2017,” Eastern Petroleum said.
The other oil companies were expected to follow suit.
On Aug. 22, the oil companies also raised the price of gasoline, and by P0.20 per liter, but rolled back the prices of diesel and kerosene by P0.10 and P0.15 per liter, respectively.
Crude oil prices went up after official figures showed a larger-than-expected decline in US crude stocks, the Energy Department said in its latest monitoring report.
Data showing six consecutive weeks of decline in US crude inventories added to the optimism that the market was “rebalancing.”
US oil inventories fell by 6.5 million barrels to 474.4 million barrels early this month.
But Asian gasoline prices stayed elevated on tight supply as well as the relatively good demand in Asia and in the Middle East.
Ample supply from Libya, with production in July hitting its highest level for the year, dampened prices.
“Rising output from Nigeria and Libya dented the oil producers’ attempt to limit oil production,” the Energy Department said.
“Both countries are exempted from the output cut as they strive to restore supplies hurt by internal conflicts.”