Oil companies raised pump prices by as much as P1.35 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world oil market, higher than the forecast amounts last week.
The oil firms raised the price of gasoline by P1.35 per liter, diesel by P0.45 per liter, and kerosene by P0.35 per liter.
The price increases were announced by Caltex (Chevron Phils. Inc.), Jetti Petroleum, Petro Gazz, Cleanfuel, and Seaoil Philippines.
This is the third consecutive week that the prices of diesel and kerosene have gone up and the second consecutive week for gasoline.
Last week, the Department of Energy (DOE) warned consumers to brace for another round of oil price hikes this week.
“This is attributed to the production cuts implemented by Saudi Arabia and Russia and that oil prices edged higher in early trade after sinking in the previous session on weaker-than-expected Chinese economic growth, as investors eyed a possible tightening of US crude supplies,” DOE director for the Oil Industry Management Bureau Rodela Romero said.
On July 18, the oil companies increased the price of gasoline by P1.90 per liter for gasoline, the price of diesel by P2.10 per liter, and kerosene by P1.80 per liter.
This resulted in a year-to-date net decrease of P0.85 per liter for diesel and P3.70 per liter for kerosene. Gasoline, on the other hand, had a net increase of P7.55 per liter.
