Oil firms are set to implement another hefty oil price increase this week.
They said in separate advisories that diesel price will go up by P6.55 per liter, kerosene by P5.45 per liter and gasoline by P2.70 per liter.
The oil price increase takes effect at 6 a.m. of Tuesday, June 7.
This was announced by Phoenix, PTT, Caltex, Seaoil, Unioil, Total, Shell, and Petron on Monday afternoon. Other oil firms are expected to follow suit.
Last week, gasoline prices went down by P1.70 per liter, while diesel and kerosene went up by P1.20 per liter and P2.45 per liter, respectively. These resulted to the year-to-date adjustments to stand at a net increase of P23.85/liter for gasoline, P30.30/liter for diesel and P27.65/liter for kerosene.
The Department of Energy (DOE) cited international movements in the world oil market as to the reason for this week’s big time oil price hike. These include the ban on Russian oil imports by the European Union, easing of lockdown in China, and start of increasing demand for northern hemisphere countries due to summer peak period from June to September.
Image credits: Roy Domingo