OIL companies will increase gasoline and kerosene prices this week.
They announced Monday a P0.90 per liter increase in gasoline products and P1.35 per liter hike in kerosene.
Diesel prices, meanwhile, will go down by P0.30 per liter.
The price adjustment will take effect at 6 a.m. of November 15, they said in separate announcements.
Last week, oil companies implemented a per liter increase in gasoline by P1.40 and decrease in diesel by P0.50 and kerosene by P0.35. These resulted to the year-to-date total adjustments to stand at a net increase of P17.25/liter for gasoline, P36.30/liter for diesel, and P28.60/liter for kerosene.
Movements in the world oil market affect local pump prices. The Department of Energy (DOE) said there were concerns raised on more interest rate hikes by the US Federal Reserve, and that the Chinese government has continued to double down on its Covid-19 restrictions.
The country is relying on MOPS as the benchmark for local fuel products. It is the daily average of all trading transaction of diesel and gasoline as assessed by Standard and Poor’s Platts of Singapore.