Fuel prices are on the rise again. Oil firms on Monday announced they are going to implement a price increase in gasoline by P0.90 per liter, diesel by P0.55 per liter and kerosene by P0.85 per liter.
The oil-price hike takes effect at 6 a.m. today, Tuesday, February 12.
Seaoil Philippines, Pilipinas Shell, Petro Gazz, Phoenix Petroleum, PTT Philippines, Eastern Petroleum, Jetti and Unioil made their separate announcements on Monday afternoon. Other oil firms are expected to follow suit.
This week’s price hike reflects movements in the international oil market, particularly that of the Means of Platts Singapore (MOPS) and foreign-exchange rate.
The Oil Industry Management Bureau of the energy department explained that Philippine retail prices are based on the average prices based on MOPS. This refers to the prices of finished products, which include gasoline and diesel sold at pumping stations.
Most local oil firms adjust their prices every Tuesday morning.
Last week a price rollback of P0.60 per liter in gasoline, P0.35 per liter in diesel and P0.20 per liter in kerosene took effect. This was the first oil-price rollback for the year.
The price rollback comes after four consecutive price increases since the start of the year.