Oil firms announced Monday the implementation of mixed pump price adjustment starting this week.
Gasoline prices will go up by P0.80 per liter and diesel by P0.60 per liter. Meanwhile, kerosene prices will slightly go down by P0.10 per liter.
Petron, Shell, Caltex, Total, Unioil, Seaoil, PTT, and Phoenix said they would implement the new pump prices at 6 a.m. of Tuesday, May 23. Cleanfuel, on the other hand, will adjust its prices at 4:01 p.m.
Last week, oil companies implemented a per liter increase of P0.35 for gasoline, P1.40 for diesel and P1.20 for kerosene. These resulted to a year-to-date net decrease for diesel at P5.65/liter and kerosene at P6.30/liter. Gasoline, on the other hand, has a net increase of P4.20/liter.
The Department of Energy (DOE) said Dubai crude and MOPS prices of gasoline, diesel and kerosene increased as fears over the recent US banking crisis eased and after the US Energy Information Administration forecast global liquid fuels consumption to increase in 2023.
Also, the market remained concerned about the pace of China’s economic recovery. The DOE said oil prices are largely driven by microeconomic concerns from the world’s two largest economies, US and China. Movements in the world oil market affect local pump prices.