Pump prices are on the rise for the eight straight week.
Effective Tuesday morning, gasoline prices will increase by P1.80 per liter, diesel by P1.50 per liter and kerosene by P1.30 per liter.
Since oil firms adjusted gasoline price last August 31, this has gone up to P7.20 per liter, while diesel has shot up by P8.65 per liter. Kerosene also increased by P8.05 per liter for the past eight weeks.
The latest oil price hike brings the year-to-date adjustments to stand at a total net increase of P16.9 per liter for gasoline, P14.45 per liter for diesel and P11.95 per liter for kerosene.
Seaoil, Phoenix Petroleum, Petron Corp., PTT Philippines, Caltex, Total Philippines and Pilipinas Shell said they will implement their respective price increase adjustments at 6 a.m. of October 19.
Cleanfuel, on the other hand, said it would adjust its pump price at 4:01 p.m.
Oil firms adjust their pump prices every week to reflect movements in the world oil market.
Based on DOE monitoring, Dubai crude has increased last week by $3 per barrel. MOPS gasoline and MOPS diesel have also increased by almost $4per barrel and $ 4.40 per barrel, respectively.
Crude oil prices rose steadily on the persistent supply squeeze amid improving global demand and high liquefied natural gas and coal prices boosting demand for oil products in meeting energy needs.
Amid tightness in the global energy market, OPEC+ stuck to its scheduled increase of 400,000 barrels per day for oil production quotas.
“This supply tightness in the region is expected to persist until the end of the year on likelihood of no export quota allocation for the rest of the year,” the DOE said.