A gas station attendant uses a fuel nozzle to fill up a car tank
Several oil companies in the country are set to impose fuel price hikes for the second consecutive week to reflect the movement in the international market.
Oil industry players said the price of gasoline will go up by P1.05 per liter, diesel by P0.75 while kerosene by P0.60 a liter.
The upward adjustment in local pump prices will take effect on Tuesday, April 16.
Among the companies that announced a new round of oil price increases are Petron, Petro Gazz, Seaoil, Phoenix Petroleum, Eastern Petroleum and Jetti.
Last week, oil firms increased the price of diesel by P0.20 a liter, gasoline by P0.25 and kerosene by P0.10 each liter.
The Department of Energy said the fuel price hikes came as crude oil prices in the international market climbed to $70 per barrel last week.
Current oil prices are also affected by the effort of Petroleum-exporting countries to reduce output to prevent excess supply from increasing.
– Robie de Guzman Oil price hike set this week
After three consecutive weeks of rollback, oil companies are set to increase prices this week.
This is due to the oil price movement in the world market.
Diesel prices are set to increase from P0.10-P0.20 per liter while gasoline and kerosene will increase from P0.30-P0.40/L and P0.20-P0.30/L respectively.
Fuel prices to go up this week
Motorists are advised to prepare for an increase in prices of petroleum products this week.
Local oil industry players on Monday announced that the price of diesel will go up by P0.80 per liter, gasoline by P0.90 and kerosene by P0.75 a liter.
The pump price hike will take effect on Tuesday, May 21.
Oil firms said the oil price increase is implemented to reflect prices in the world market.
The fuel price hike comes after two rounds of rollbacks this month.
Oil prices to go up Tuesday
Local fuel prices are set to increase on Tuesday (April 30).
In an advisory, Shell Philippines announced that starting at 6 a.m., the price of its gasoline products will increase by P0.75 per liter, while diesel will go up by P0.80 a liter.
Shell will also implement a P0.90 increase per liter for kerosene.
Other oil firms are expected to implement the same price hike this week.
This is the 4th straight week that gasoline prices have increased.
– Robie de Guzman