MANILA, Philippines — Local oil companies announced hefty upward adjustments in the prices of petroleum products effective Tuesday, April 9, with gasoline prices rising for four consecutive weeks.
Firms jacked up the price of gasoline by P1.10 per liter, diesel by P1.55 per liter and kerosene by P1.40 per liter.
Pilipinas Shell and Seaoil will implement the big-time price hike on Tuesday at 6 a.m. Cleanfuel will be the last to raise pump prices at 4:01 p.m.
READ: Gasoline price up 45¢ per liter, diesel down by 60¢
This week’s fuel price increase was larger than the mixed adjustment applied previously when gasoline prices climbed by 45 centavos per liter but diesel and kerosene decreased by 60 centavos per liter and P1.05 per liter, respectively.
The Department of Energy attributed the increase in local prices to the elevated world market prices of oil.
“Oil futures were little changed Thursday morning, taking a breather after a four-day winning streak attributed to fears of a wider conflict in the Middle East…; the OPEC’s (Organization of the Petroleum Exporting Countries) decision to continue its policy on production cut; and signs of stronger economic growth in the United States and India,” DOE Oil Industry Management Bureau Assistant Director Rodela Romero said.