Oil companies raised the price of gasoline by P0.65 per liter, kerosene by P0.40 per liter and diesel by P0.30 per liter at 6 a.m. to reflect the movement of prices in the world market.
Among those that raised their prices were Phoenix Petroleum Philippines, Pilipinas Shell Petroleum Corp., PTT Philippines, Seaoil Philippines, Total Philippines,
Unioil Philippines said over the weekend that prices will likely go up this week.
It said diesel should increase by P0.30 to P0.40 per liter and gasoline by P0.50 to P0.70 per liter.
World oil prices went up last week amid optimism that the drug Remdesivir formulated by Gilead Sciences, Inc. showed an improvement in clinical recovery in COVID-19 patients and a 62 percent reduction in the risk of mortality.
However, the increasing number of COVID-19 cases remains a cause for concern and is expected to continue dampening global oil demand.
Last week, the oil firms implemented a price rollback by P0.65 per liter for gasoline and P0.40 per liter for kerosene, ending eight weeks of consecutive oil price hikes. The oil firms did not adjust diesel prices last week.
Total year-to-date adjustments stand at a net decrease of P5.62 per liter for gasoline, P8.84 per liter for diesel, and P13.39 per liter for kerosene, Energy Department data showed.