Local dealers adjusted the pump prices of oil products on Tuesday morning.
Effective at 6 a.m. on Tuesday, oil giants Pilipinas Shell, Petron and Chevron increased the price of gasoline by P0.45 per liter and of diesel by P0.10 per liter.
Independent players PTT, Seaoil and Phoenix Petroleum followed suit with the same price adjustments.
However, there is no price movement for kerosene.
Meanwhile, Petron said prices of liquefied petroleum gas (LPG) went down by 10 centavos per kilogram (kg), or P1.10 per 11-kg tank.
Its auto LPG prices also decreased by six centavos per liter.
Energy Undersecretary Zenaida Monsada said the price adjustments were quite lower compared with the hike imposed by oil companies last week.
Monsada explained that the hike was caused by the large pump requirement of some Asian countries.
She cited the pump requirement of Indonesia, which started saving petroleum for its observance of the Muslim month of Ramadan.
“Indonesia has started saving petroleum for the entire Ramadan, so it has a large pump requirement,” Monsada said.
She likewise clarified that the escalating conflict in Iraq had nothing to do with this week’s oil price adjustments.
“The northern part of Iraq is not affected by the conflict so oil production from this region continues,” she said.
Oil firms last week increased gasoline prices by P1.30 per liter, kerosene by P1.45 per liter and diesel byP1.20 per liter owing to the escalating tensions in Iraq.