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Oil price hike set; Diesel up by P1.20/liter

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By Myrna Velasco

Due to the upswing in prices in the international market, Filipino motorists would have to brace for massive uptick in the price of the socially sensitive diesel which will go up by P1.20 per liter this week.

A gasoline worker puts gas to a gas tank of a car at a gas station in Quezon City Photo by: Mark Balmores/Manila Bulletin

A gasoline worker puts gas to a gas tank of a car at a gas station in Quezon City Photo by: Mark Balmores/Manila Bulletin

The price of gasoline will also increase by P0.70 per liter while the price of kerosene will be up by P0.90 per liter.

The adjusted prices will take effect either at 12:01am or 6:00am Tuesday.

As of press time, the oil companies that already sent notices on pricing adjustments include Pilipinas Shell Petroleum Corporation, Flying V, Phoenix Petroleum Philippines Inc., Seaoil and Eastern Petroleum.

The Department of Energy (DoE) qualified that “refinery turnarounds” are among the factors exerting upward pressure on petroleum products.

In addition, demand hikes in markets such as China, India and Vietnam have been adding to the “cost influencing components” that jacked up prices this week.

Pump prices move on a weekly basis in the Philippine oil industry to reflect prices on real-time based on cost swings in the world market.

On a global scale, despite worries of “lingering oversupply”, prices had been on rebound amid stronger value of the US dollar.

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