Another oil price increase takes effect this week. For the 11th consecutive week, diesel and kerosene prices will go up by P2.5 per liter and P2 per liter, respectively.
Gasoline price is also on the rise—P2 per liter—for the 10th consecutive week.
Petron, Shell, Seaoil, Total, Unioil, Caltex, PTT, Phoenix announced Monday their price adjustment for Tuesday, September 19. Other oil firms will follow suit. Cleanfuel, for its part, will adjust its prices at 4:01p.m.
Last week, oil companies implemented an increase of P0.20/liter for gasoline, P0.40/liter for diesel and P0.20/liter for kerosene. These price adjustments resulted in a year-to-date net increase of P15.50/liter for gasoline, P11.10/liter diesel and P7.94/liter for kerosene.
Movements in the world oil market affect local pump prices. Saudi Arabia and Russia have extended their oil export cuts by one million daily and 300,000 barrels per day, respectively.
Since the Philippines is a net oil importer any spikes in international oil prices push up local pump prices.
Image credits: Alysa Salen
