The conflict in Iraq has affected the prices of local petroleum products.
On Tuesday, at least five oil companies raised the prices of gasoline, diesel and kerosene by more than P1.
Shell, Petron, Phoenix, Seaoil and PTT increased the prices of gasoline by P1.30 per liter, kerosene by P1.45 per liter and diesel by P1.20 per liter.
Tuesday’s price adjustment was the highest so far for this year.
The Department of Energy last week projected that the conflict in Iraq may trigger a substantial price increase.
Energy Undersecretary Zenaida Monsada said the price movement was due to fears that the worsening crisis in Iraq may disrupt oil production especially since the Baiji refinery, Iraq’s largest, is located in an area now under the control of the militant Sunni group Islamic State of Iraq and Syria.
The Baiji refinery produces 300,000 barrels per day. It supplies nearly a third of Iraqi domestic requirements.
Iraq produces 3.3 million barrels of crude oil daily and is the second largest producer in the 12-member Organization of Petroleum Exporting Countries or OPEC.
It is also the third largest exporter of crude oil after Russia and Saudi Arabia.
Last week, Petron, Shell, PTT, Seaoil and Phoenix Petroleum raised the price of gasoline by 20 centavos per liter, diesel by 30 centavos per liter and kerosene by 55 centavos per liter.