Domestic pump prices went up by as much as P0.50 per liter today to reflect the movement of prices in the world oil market.
Oil firms raised the price of gasoline by P0.50 per liter and diesel by P0.25 per liter.
Kerosene prices did not move.
Pilipinas Shell Petroleum Corp., Flying V, Phoenix Petroleum Philippines, PTT Philippines and Unioil Philippines issued advisories of the increase. Other oil companies are expected to follow suit.
“Phoenix Petroleum will increase the price of gasoline by P0.50 per liter and diesel by P0.25 per liter effective 6 a.m. Dec. 27,” it said.
Prices have been going up due to the expected production cut by the members and non-members of the Organization of the Petroleum Exporting Countries next year.
This is the sixth consecutive increase for gasoline and fifth for diesel.