Oil firms are expected to implement another round of price increase in petroleum products to reflect movements in the international oil market.
On Monday PTT Philippines, Phoenix Petroleum and Eastern Petroleum said they will raise gasoline prices by P0.65 per liter and diesel by P.035 per liter.
Seaoil will, likewise, implement the same price adjustment. It also said kerosene prices will increase by P0.55 per liter.
The price adjustments will take effect at 6 a.m. of Tuesday, October 24.
Last week gasoline prices went up by P0.20 per liter, while kerosene prices were reduced by P0.15 per liter. There was no price adjustment for diesel on October 17.
Local oil firms adjust their prices on a weekly basis to reflect prices of imported oil products that arrive in the country. It takes about a week for the oil companies to bring their products to the market from the time they import the products.