OIL firms will increase the price of gasoline and reduce diesel and kerosene prices starting Tuesday.
In separate advisories, the oil firms said gasoline price will go up by P0.25 per liter at 6 a.m.
A 10-centavo-per-liter rollback for diesel and P0.40 per liter rollback for kerosene will also take effect Tuesday morning.
“These reflect movements in the international oil market,” said Petron Corp.
Other oil firms that announced price adjustments are PTT Philippines, Total Philippines, Phoenix Petroleum, Pilipinas Shell, Seaoil Philippines and Petro Gazz.
Last week, oil firms reduced pump prices by P0.80 per liter for gasoline, P1 per liter for diesel and P1.15 per liter for kerosene.
However, the Department of Energy (DOE) said the price reduction for gasoline was short by 22 centavos per liter, while the rollback for diesel was short by .06 centavos. As such, the DOE issued show-cause orders to 13 oil companies to compel them to explain the discrepancy.
Regulators have kept close watch of fuel pricing since the September 14 drone attacks damaged key oil facilities in the Saudi Arabia.
Petron Corp., the country’s largest oil refiner, said last week it had already explained to the DOE how it arrived at the price adjustment.
“Sinagot na namin. Pinakita na sa kanila ang computation. Inapprove na nila ‘yun [We replied to them and showed our computation. They approved it already],” said Petron President Ramon Ang.
Image credits: Alysa Salen
