MANILA, Philippines—Following successive price cuts over the past few weeks, two local oil companies made a U-turn and raised the prices of their premium gasoline by P1.40 a liter, regular gasoline by 90 centavos a liter, and of diesel and kerosene by 40 centavos a liter, effective today (Tuesday).
Pilipinas Shell Petroleum Corp. and Eastern Petroleum made their announcements on Monday, noting that the price hike was due to the uptrend in oil prices in the global market.
The other local oil firms had yet to make their respective announcements as of press time.
Prior to today’s increase, diesel prices ranged from P39.50 to P44 a liter and gasoline from P47.8 to P54.77 a liter. As of Aug. 15, the year-to-date net increase in gasoline and diesel prices stood at P4.80 a liter and P5.61 a liter, respectively.
As of Aug. 18, the price of the Dubai crude benchmark rose to $105 a barrel from $103 a barrel as of Aug. 15. The prices of gasoline and diesel, based on the Mean of Platts Singapore benchmark for refined petroleum products, also rose to $124 a barrel and $125 a barrel, respectively.