The country’s oil firms implemented a hefty oil price increase of as much as P1.15 per liter effective 6 a.m. Tuesday to reflect price movements in the world oil market.
The oil firms raised the price of gasoline by P1.15 per liter, and diesel and kerosene by P1.10 per liter, respectively.
“Petron will implement the following price increases effective 6 a.m. on Dec. 1: P1.15/li for gasoline; P1.10/li for diesel; and P1.10/li for kerosene. These reflect movements in the international oil market,” Petron Corp. said in its advisory.
Seaoil Philippines, Cleanfuel, and PetroGazz also announced the latest oil price hike while other oil companies are expected to follow suit.
Petron also announced a price increase for cooking gas or liquefied petroleum gas (LPG) by P0.96 per kilo and autoLPG by P0.54 per liter to reflect the international contract price of LPG for December.
On November 24, the oil firms also increased diesel by P0.50 per liter and kerosene by P0.30 per liter. There was no movement on the price of gasoline.
These resulted in the year-to-date adjustments to stand at a net decrease of P4.62 per liter for gasoline, P8.86 per liter for diesel and P12.29 per liter for kerosene, according to the latest calculations of the Department of Energy (DOE).
World oil prices have been going up in recent weeks due to reports of a vaccine rollout that could finally put an end to the coronavirus pandemic.
Meanwhile the Organization of the Petroleum Exporting Countries and its allies will hold a meeting until Tuesday about its plan to delay the production hike of two million barrels per day (mbpd) but maintain the current production cut of 7.7 mbpd.