Local oil companies have increased gasoline and diesel prices by P0.70 per liter as world oil prices climbed higher.
The pump price hikes that also include an upward adjustment of P0.35 per liter for kerosene are effective at 6 a.m. today, according to the pricing advisories sent by the oil companies.
This is the sixth round of oil price increases this year totaling P5.20 per liter for diesel and P4.10 per liter for gasoline products. It does not yet include the P2 per liter increase in excise taxes that consumers will have to shoulder this year in their fuel expenses.
Oil companies that have adjusted prices include PTT Philippines, Pilipinas Shell Petroleum Corp., and PetroGazz. The rest of the industry players are anticipated to follow.
The oil companies indicated that it included in the gasoline price increase the cost increase they incurred for the 10-percent ethanol they have been blending to the product.
Last week manifested fresh round of increase in global oil prices, with the Dubai crude inching higher to more than $64 per barrel while Brent crude had moved past $66 per barrel.
For many international market watchers and experts, there are no clear signs yet that these volatility in oil prices will abate soon – given all the factors that have been exerting pressure on prices. (Myrna Velasco)