The country’s oil firms raised pump prices by as much as P1.20 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world market.
The firms raised gasoline by P1.20 per liter, diesel by P1.05 per liter, and kerosene by P0.65 per liter.
“PTT Philippines to implement the following price adjustments effective 6 a.m. Tuesday, February 15, 2022: Gasoline increase by P1.20 per liter and diesel increase by P1.05 per liter,” the company said in its advisory.
Seaoil Philippines, PetroGazz, Chevron, and Cleanfuel also raised pump prices, while others are expected to follow.
This is the seventh consecutive weekly oil price hike on the back of tight global oil supply versus increasing demand. Tensions between Ukraine and Russia, which could affect global oil supply, put pressure on oil prices last week.
Meanwhile, demand in Asia continues to improve further as economies tide over the Omicron wave of COVID-19.
On February 8, the oil companies implemented a price increase in domestic oil products. Gasoline increased by P1.05 per liter, diesel by P1.20 per liter, and P1.25 per liter for kerosene.
These resulted in year-to-date adjustments at a total net increase of P6.75 per liter for gasoline, P9.15 per liter for diesel, and P8.45 per liter for kerosene.