OIL firms on Tuesday raised prices of petroleum products, the highest adjustment for the year so far.
In separate advisories, Petron Corp., Pilipinas Shell, Total Philippines, Phoenix Petroleum and Eastern Petroleum increased gasoline price by P2.40 per liter.
The oil firms, except for Eastern Petroleum, also hiked diesel price by P1.90 per liter. Eastern Petroleum will be raising its diesel by P1.95 per liter.
Petron, Shell and Phoenix Petroleum also raised kerosene price by P2.15 per liter.
Other oil firms implemented the price adjustment at 6 a.m. Tuesday.
Eastern Petroleum’s price hike will take effect 12:01 a.m. Wednesday.
Other oil firms are yet to announce their price adjustments.
The major price hike for this year was caused by movements in the international oil market.
Last January 27, oil firms also increased gasoline prices by 30 centavos per liter.
Oil Industry Management Bureau director Zenaida Monsada said there is a threat to the supply of crude oil in the United States, the reason why world oil prices went up.
The Asian benchmark Dubai crude last week increased by an average of $7.50 per barrel over the previous week.
The increase can be attributed to weak US economic data and the announcement of oil majors that they will cut capital expenditures for 2015.