IL firms are implementing a mixed movement in pump prices starting Tuesday morning.
In separate advisories, oil companies said Monday they will hike gasoline products by P0.50 per liter, but will reduce diesel and kerosene by P0.40 per liter and P0.35 per liter, respectively.
Last week, oil companies implemented a per liter decrease in the price of gasoline, diesel, and kerosene by P0.70, P0.95 and P1.10, respectively. The year-to-date adjustment of gasoline, diesel and kerosene stood at a net increase of P5.45/liter, P4.45/liter and P0.40/liter, respectively.
Oil firms adjust pump prices every week to reflect movements in the world oil market.
The local oil industry uses Mean of Platts Singapore (MOPS), which is the daily average of all trading transactions between buyer and seller of petroleum products as assessed and summarized by Standard and Poor’s Platts, a Singapore-based market wire service.