Consumers will have to pay for more expensive fuel as oil companies announced a hefty price increase in gasoline effective on Tuesday morning.
In separate advisories on Monday afternoon, oil firms said the price of gasoline will go up by P1.45 per liter.
The price of diesel and kerosene will also go up by P0.30 per liter and P0.40 per liter, respectively.
PTT Philippines, Eastern Petroleum, Seaoil Philippines, Petro Gazz, Pilipinas Shell, Total Philippines will implement the price adjustment at 6 a.m. of March 19.
Other oil firms are expected to announce their price adjustment late Monday. Most local oil firms adjust their prices every Tuesday morning. Gasoline prices went up this month for three consecutive weeks.
According to the Department of Energy (DOE), local pump prices reflect movements in the international oil market.
Energy Undersecretary Felix William Fuentebella cited “conflicting signals” in the Asian gas oil market.
He said fundamentals in the Asian gasoline market strengthened further at the end of the trading week as greater evidence of supply tightness emerged with news of refinery maintenance in the region.
“[Gas oil demand] for the high seas sector is coming up, while on the supply side, gas oil volumes are contained due to the turnarounds…the Chinese side has been quiet and more or less balanced as well, due to some refineries undergoing maintenance,” a source said.
“Other market participants also pointed to stronger gas oil prices seen this week as a reflection of a still robust market,” the source added.
Image credits: Alysa Salen