In separate advisories on Monday, Pilipinas Shell Petroleum, Caltex, Phoenix Petroleum, PTT Philippines and Flying V said they will increase gasoline and diesel prices both by P1.40 per liter on Tuesday morning.
Shell, Caltex and Flying V will raise kerosene prices by P1.45 per liter, according to the advisories.
Pilipinas Shell Petroleum, Phoenix Petroleum and PTT Philippines said they will implement the price changes at 6 a.m. on Tuesday.
Flying V said its price adjustments will take effect at 12:01 a.m., also on Tuesday.
This week’s oil price increases were caused by last Saturday’s non-OPEC meeting.
The meeting was another victory for OPEC (Organization of Petroleum-Exporting Countries) as the cartel struck a deal with non-OPEC oil-producing countries to limit output.
The current deal combined with the previous one will limit output by a total of nearly 2 percent of the global oil supply.
The agreement removes 558,000 barrels a day of crude oil in addition to the 1.2 million barrels agreed on in the OPEC meeting last November 30.
Department of Energy oil monitoring for Metro Manila as of November 29 showed that diesel prices ranged from P26.15 to P30.85 with a common price of P27.95; gasoline from P34.60 to P45.60 with a common price of P43.68; and LPG (liquefied petroleum gas) in P11-kilogram (kg) cylinder from P424.50 to P655.50.
This caused a corresponding net increase of P5.64 per liter for gasoline and P7.18 per liter for diesel.
LPG posted a net decrease of P1.15 per kg.
The latest price changes resulted from average price movements for the previous five trading days in the global market.