OIL firms announced on Monday they will increase gasoline and diesel pump prices today, Tuesday.
An additional P0.90 per liter will be added to gasoline prices and P1.05 per liter for diesel. Meanwhile, kerosene prices will go down by P0.25 per liter.
Seaoil, Shell, Total, Unioil, Caltex, Petron, PTT, and Phoenix announced the price adjustment, which takes effect at 6 a.m. of Tuesday, February 21. Cleanfuel said it will implement the same amount at 4:01 p.m.
Last February 14, oil companies implemented a per liter decrease of P2.20 for diesel and P2.50 for kerosene. No movement has been effected on the price of gasoline. These resulted to a year-to-date net decrease for diesel at P2.15/liter and kerosene at P0.25/liter. Gasoline remains at a net increase of P5.10/liter.
Movements in the world oil market affect local pump prices, oil firms said. Last week, Russia announced plans to cut crude production by 500,000 barrels per day after a price cap was imposed on Russian oil and oil products by the West.
The Philippines does not directly import crude oil from Russia. It imports its finished products from China, South Korea, and Japan. These countries are the ones importing crude oil from Russia.
The Department of Energy (DOE) said about 42 percent of the 5 million barrels per day of crude oil Russia exports is shipped to the Asia Pacific region.
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