Local pump prices are on the rise again.
On Monday, oil companies announced they would increase the price of gasoline products by P3.40 per liter, diesel by P8.65 per liter, and kerosene by P9.40 per liter. This is the 12th price increase for the year.
Seaoil, Caltex, PTT Philippines, Unioil, Shell, Petron, Phoenix, and Total Philippines said they will implement the price adjustment at 6 a.m. of Tuesday, March 29. Cleanfuel, meanwhile, will adjust its prices at 8:01 a.m.
Prior to this week’s price adjustment, oil firms reduced pump prices by P5.45 per liter for gasoline, P11.45 per liter for diesel, and P8.55 per liter for kerosene. The oil price rollback last March 22 came after 11 consecutive weeks of oil price increases.
Movements in the world oil market affect local pump prices, which are adjusted every week.
An oil storage facility in Saudi Arabia, the world’s biggest crude exporter, was reportedly hit by a drone attack, sending oil prices higher.
Image credits: Cleanfuel