The prices of gasoline, diesel and kerosene will all increase this week to follow the movement of prices in the international market, oil companies said on Monday.
Gasoline will be costlier by P0.65 per liter, diesel by P0.55 per liter and kerosene by P0.70 per liter. The month of July starts with a price increase following June’s three weeks of hefty price cuts.
The oil companies that sent their advisories as of Monday will all be implementing the price adjustment at 6:00 a.m. on Tuesday, July 3, 2018.
Last week, the prices of gasoline, diesel and kerosene were down by P1.15, P0.90 and P0.85 per liter, respectively.
During the weekend, Eastern Petroleum Corp. warned of a price reversal because of recent political turbulence in Libya and Venezuela, and the recent oil export ban on Iranian oil production coupled with low inventory in US.
Last Sunday, oil companies that sell liquefied petroleum gas (LPG) also increased the price of the cooking gas by P0.90 per kilogram.
They also increased the price of LPG for cars by P0.05 per liter. The price hikes reflected the international LPG contract prices for the month of July. — Victor V. Saulon