The country’s oil firms raised gasoline prices by P0.75 per liter and diesel and kerosene by P0.70 per liter effective Tuesday to reflect the movement of prices in the world oil market.
“PTT Philippines to implement the following price adjustments effective 6 am Tuesday, June 22, 2021: Gasoline: +P0.75/liter, Diesel: +P0.70/liter,” the company said in its advisory.
Seaoil Philippines, Total Philippines, and PetroGazz also issued separate announcements of their price hikes, the fifth consecutive weekly price hike for both diesel and gasoline.
Unioil Petroleum Philippines announced over the weekend that pump prices would likely go up this week.
“Expect fuel prices to go up next week (June 22 - 28, 2021). Diesel will increase by P0.70 to P0.80 per liter. Gasoline will increase by P0.70 to P0.80 per liter,” Unioil said.
On June 15, local oil companies implemented price increases in their domestic products. Gasoline increased by P0.50 per liter, diesel by P0.40 per liter and P0.30 per liter for kerosene.
These resulted in the year-to-date adjustments to stand at a total net increase of P10 per liter for gasoline, P8.55 per liter for diesel, and P7 per liter for kerosene.
World oil prices trended in the past weeks higher due to confidence of strong demand outlook and accelerating vaccinations allowing for more mobility, according to the Department of Energy.
DOE cited the report of the International Energy Agency’s (IEA) monthly oil market report that global oil demand is set to rise by 3.1 million barrels per day and return to pre-pandemic levels by the fourth quarter next year.
Meanwhile, the Organization of the Petroleum Exporting Countries and its allies are scheduled to meet online July 1 to assess market conditions and review plans to bring more output online, which could impact the movement of oil prices.