Oil firms hike prices after last week’s big-time rollback

MANILA, Philippines — After the big-time rollbacks that took effect last week, oil companies will implement a new round of price increases starting April 22 amid potential global supply issues.

In separate advisories on Monday, Jetti Petroleum, Seaoil and Petro Gazz announced a hike of P1.35 in the price of gasoline per liter.

The prices of diesel and kerosene, on the other hand, will go up by P1.30 and P1.10 per liter, respectively.

READ: Oil firms implement big-time price cuts for Holy Week

In earlier statements, Jetti Petroleum president Leo Bellas and the Department of Energy said that the anticipated price increases could be blamed on the “tighter global supply” triggered by the new sanctions imposed by the United States against Iran.

Aside from the sanctions, “further adding to supply worries is the Opec (Organization of the Petroleum Exporting Countries) plan for several oil-producing members to curb output to compensate for pumping above agreed quotas, and the ongoing peak maintenance season of refineries,” Bellas added.

For Holy Week, oil companies rolled back the prices of petroleum products as they slashed the prices per liter of gasoline by P3.60, diesel by P2.90 and kerosene by P3.30.