Oil companies will impose this week the biggest price increase for gasoline products so far this year at P1.60 per liter, with the prices of diesel and kerosene also increasing by at least P1.00 per liter.
“These reflect the movements in the international oil market,” said Petron Corp. on Monday, May 21.
All of the companies that sent their advisories as of late afternoon of Monday said they would be raising prices at 6:00 a.m. on Tuesday, May 22.
They will be increasing the prices of diesel products by P1.15 per liter and kerosene by P1.00 per liter.
Sought for comment, the Department of Energy (DoE) said a number of world events had “directly” affected oil prices. It said the US had announced sanctions on Iran, and that oil importers had been advised to look for alternative supply.
Last week, oil companies raised the price of gasoline, diesel and kerosene by P1.10, P1.20 and P0.95 per liter. — Victor V. Saulon