Domestic pump prices would go up by as much as P0.70 per liter effective 6am Tuesday, September 3, 2024, to reflect the movement of prices in the world oil market.
The oil firms hiked the price of kerosene by P0.70 per liter, gasoline by P0.50 per liter and diesel by P0.30 per liter amid the escalating geopolitical tensions and a sudden halt in Libyan oil production/exports, which sent shockwaves through global markets and pushed up prices.
Seaoil Philippines, PetroGazz, Jetti Petroleum and Caltex issued advisories of the latest oil price hike.
This developed as the oil firms raised the price of liquefied petroleum gas (LPG) or cooking gas by P0.55 per kilo or P6 per 11-kilo tank and auto LPG by P0.25 per liter effective September 1 to reflect the higher contract price of LPG in the world market.
LPG prices are adjusted every first day of the month while petroleum prices are adjusted every Tuesday.
Department of Energy (DOE) director Rodela Romero said the global oil market also reacted positively to the US Federal Reserve rate cut cycle in September, “which has lifted the outlook for global economic activity and crude demands.”
“But the economic worries in the US and China overshadow supply risks that made prices bearish,” Romero said.
On August 27, the oil companies implemented a big-time price rollback of P1.15 per liter for gasoline, P1.90 per liter for diesel and P1.85 per liter for kerosene.
Based on DOE computation, total adjustment of gasoline and diesel year to date stands at a net increase of P6.90 per liter and P4.05 per liter, respectively while kerosene has a total net decrease of P4 per liter.
Editor’s Note: This is an updated article. Originally posted with the headline “P0.70/liter fuel price hike takes effect Tuesday—DOE.”
