The oil firms implemented a big time oil price hike of as much as P2.70 per liter effective 6am today amid the worsening Middle East tensions.
Seaoil Philippines, Chevron Philippines, PetroGazz, Cleanfuel and PTT Philippines issued separate advisories of the oil price increase.
The oil firms hiked the price of diesel by P2.70 per liter, gasoline by P2.65 per liter and kerosene by P2.60 per liter.
Department of Energy director Rodela Romero last week cited the escalating conflict in the Middle East that threatens to disrupt oil exports; and the possible disruption of energy delivery due to Hurricane Milton which devastated Florida peninsula in the US.
Jetti Petroleum president Leo Bellas earlier said there was a significant spike in crude oil prices due to fear of supply disruption should Israel’s retaliation target Iran’s oil infrastructure.
He said the strong US dollar versus the peso also pushed the increase in pump prices higher.
On Oct. 8,, the oil companies implemented an increase of P1.20 per liter for diesel and P0.70 per liter for kerosene while no movement was effected for gasoline.
DOE data showed that year-to-date, total adjustment of diesel stands at a net increase of P4.05 per liter while gasoline remains at P6.40 per liter.
On the other hand, kerosene has a total net decrease of P5.35 per liter.
Meanwhile, DOE director Rino Abad said the agency will inspect retail stations to ensure their compliance to the three percent coco-methyl ester (CME) blend for diesel (B3).
Abad said they expect an average of P0.30 per liter increase in the price of diesel due to the implementation of B3.
