OIL firms raised the price of petroleum products on Tuesday after a series of price rollbacks.
The price of gasoline shot up by P1.75 per liter; diesel by P1.95 per liter; and kerosene by P1.85 per liter.
The price hike takes effect 12:01 a.m. of September 8, oil firms announced on Monday afternoon.
Seaoil Philippines said the adjustment was necessary to reflect the movements in the international petroleum market.
Later in the day, Petron Corp., Pilipinas Shell, Caltex Philippines, Total Philippines, PTT Philippines and Phoenix Petroleum announced their respective price adjustment.
Eastern Petroleum Corp., meanwhile, implemented its price adjustment at 6 a.m. of Tuesday. It raised gasoline and diesel prices by P1.70 per liter and P1.90 per liter, respectively. It attributed the price hike to the cut in supply from oil-exporting countries in view of low demand.
“Analysts are hopeful that world oil prices have already seen its bottom price, while maintaining that the volatility in world oil prices would remain for the rest of the year,” Eastern Petroleum said.
Department of Energy Officer in Charge Zenaida Monsada said the price adjustment in local petroleum products was expected because prices in the world market rose by about $6 per barrel. She said this translates to an adjustment of about P2.
“The oil-price hike will be triggered by a reduction in US production and big spot demand from Malaysia,” Monsada added.
Last week oil firms reduced the price of gasoline and diesel by P1.40 per liter and P0.70 per liter, respectively.