Oil firms increased the price of all products – gasoline, diesel and kerosene – by P0.10 per liter effective 6 a.m. today (Tuesday) to reflect the movement of oil prices in the world market.
Seaoil Philippines, PetroGazz, Chevron Philippines, Jetti Petroleum, Cleanfuel and PTT Philippines issued separate advisories of the oil price increases.
The oil firms were initially expecting a rollback in pump prices but Friday’s report that US Secretary of State Antony Blinken will visit the Middle East to contain the Israel-Hamas conflict pushed up world oil prices.
The increase in US stocks and tensions in the Red Sea compounded the global concerns.
On Dec. 26, 2023, oil companies implemented an increase in the prices of gasoline, diesel and kerosene by P 1.60 per liter, P1.70 per liter and P1.54 to P1.55 per liter, respectively.
DOE said these price adjustments resulted in a year-to-date net increase of P12.60 per liter for gasoline, P5.65 per liter for diesel and P1.24 per liter for kerosene.
Prevailing retail prices of petroleum productions in the National Capital Region for gasoline ranges from P53.20 to P77.30 per liter, diesel from P50.49 to P78.81 per liter, and kerosene from P70.64 to P82.03 per liter.