Consumers will experience another round of oil price increases this week as oil companies adjust their pump prices per liter effective at 6 a.m. Tuesday: Diesel by 40 centavos per liter, gasoline by 35 centavos per liter and kerosene by 5 centavos per liter.
Five oil players announced the price hikes in separate advisories on Monday–Shell, Seaoil, PTT Philippines, Eastern Petroleum and Phoenix .
They said the adjustments reflected movements in the international petroleum market.
Data (May 24) from the Department of Energy (DOE) showed that the total year-to-date rises in gasoline prices were net P3.02 per liter; and diesel, P4.78 per liter.
Liquefied petroleum gas (LPG) prices remained at P5.15 per kilogram.
“As for gasoline/diesel, the Asian market remained relatively supported on the back of firm demand from India, Sri Lanka and Vietnam. The summer requirement and dry weather conditions in the Asia Pacific led to more demand for gasoline for power generation and agriculture. Moreover, exports from China this month are expected to slow down marginally amid slightly lower refinery production. As of Friday, market participants were also monitoring whether the arbitrage from the Middle East and Asia will open to Europe,” the DOE said in its weekly oil monitoring.