The country’s oil firms raised pump prices by as much as P1.60 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world market.
The latest oil price hike of P1.60 per liter for gasoline, P1.35 per liter for diesel, and P1.20 per liter for kerosene ended several weeks of consecutive oil price rollbacks due to concerns over the Omicron variant of the coronavirus.
“Petron will implement the following price increase effective 6 a.m. on December 14: P1.60 per liter for gasoline; P1.35 per liter for diesel and P1.20 per liter for kerosene. These reflect movements in the international oil market,” Petron Corp. said.
Aside from Petron, Pilipinas Shell Petroleum Corp., Cleanfuel, Flying V, PTT Philippines and Seaoil Philippines also raised pump prices while other oil companies are expected to follow.
World oil prices went up last week as worries over the Omicron variant eased and prospects of a strong US economic recovery.
On December 7, the oil companies implemented a price cut of P2.40 per liter for gasoline, P2.65 per liter for diesel and P2.70 per liter for kerosene.
These resulted in the year-to-date adjustments to stand at a total net increase of P15.70 per liter for gasoline, P13.05 per liter for diesel and P10.49 per liter for kerosene.