Consumers have to brace for higher pump prices of as much as P1.15 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world market.
The oil firms raised the price of diesel by P1.15 per liter and kerosene by P1.05 per liter but did not move gasoline prices.
Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines, Total Philippines and PTT Philippines announced the price hike while others are expected to follow suit.
“PTT Philippines to implement a P1.15 per liter increase on the price of diesel effective 6 a.m. Tuesday December 24. No changes on gasoline,” PTT Philippines said.
Global oil prices reacted positively to reports that the Organization of the Petroleum Exporting Countries decision to continue to cut production and optimism over the US-China trade negotiations coupled with anticipated stronger demand in 2020.
On Dec. 17, most of the oil companies implemented a price increase on petroleum products. Diesel has increased by P0.3 to-P0.40 per liter and P0.60 per liter for kerosene. No movement has been effected on gasoline.
According to the Department of Energy, year-to-date adjustments prior to the latest increase stand at a net increase of P6.46 per liter for gasoline, P4.17 per liter for diesel and P1.21 per liter for kerosene.