Prices of petroleum products are still on the rise.
Oil firms on Monday afternoon said they would implement an upward price adjustment in gasoline and kerosene by P0.10 per liter each.
The oil-price hike takes effect at 6 a.m. on Tuesday based on separate advisories provided by Pilipinas Shell, PTT Philippines, Chevron and Phoenix Petroleum. Other oil firms are expected to follow suit.
Last March 15, oil firms implemented the biggest oil-price hike yet this year. They increased gasoline prices by P1.60 per liter, P1.25 per liter for diesel, and P1.15 per liter in kerosene.
The upward price adjustment last March 15 effectively wiped out the price cut implemented since the start of the year, based on Department of Energy (DOE) data.
“Total adjustments to-date shifted to a net increase for both gasoline and diesel by P0.27/liter P1.20/liter, respectively,” the DOE said in its March 11 oil-price monitoring.
For the March 7 to 11 trading days, oil prices started with more than $2 increase on optimism that major producers might reach a price support deal, added the DOE.