THE oil firms implemented an oil price hike of as much as P1.20 per liter effective 6am Tuesday to reflect the movement of oil prices in the world market.
The oil firms raised the price of diesel by P1.20 per liter, and gasoline and kerosene by P1 per liter, ending fourth consecutive weeks of oil price rollback for diesel and kerosene and three weeks for gasoline early this week.
Seaoil Philippines, PetroGazz, Jetti Petroleum, PTT Philippines and Cleanfuel issued separate advisories of the increase.
Department of Energy director for the oil industry management bureau Rodela Romero said last week that based on the first four days of trading in Mean of Platts Singapore, the benchmark of oil importers, domestic pump prices will go up this week.
“Oil prices surged at the early part of the week driven by the fear for an escalating Middle East tension that could threaten production in one of the world’s major oil sources as Iran vows retaliation,” Romero said.
“The easing of the US monetary policy and the fear that subside on the possible US recession added to the bullish part of oil price. Likewise, OPEC (Organization of the Petroleum Exporting Countries) expressed an optimistic outlook on the demand contradicts to IEA (International Energy Agency),” she said.
The oil firms implemeted a big time price roll back in pump prices on August 13 by P2.45 per liter for gasoline, P2.40 per liter for kerosene and P1.90 per liter for diesel.
Based on the latest data from the Department of Energy, gasoline sells from P52 to P85.52 per liter, diesel from P49 to P72.24 per liter and kerosene from P69.49 to P80.85 per liter for the period August 13 to 19, 2024. Alena Mae S. Flores
