Oil Firms Hike Gasoline Prices by Php 0.50, Diesel by Php 0.10/liter

Oil firms will hike gasoline prices by Php 0.50 per liter and diesel prices by Php 0.10 per liter on Tuesday.

In separate advisories, Seaoil Philippines Inc. (SPI), PTT Philippines and Pilipinas Shell Petroleum Corp. (PSPC) said they will implement the price hike at 12:01 a.m. Tuesday (Sept. 29), while Eastern Petroleum, Phoenix Petroleum Philippines and Petron Corp. would enforce the price hike six hours later or at 6 a.m.

Seaoil, Shell and Petron will also increase kerosene prices by Php0.10 per liter.

According to the Energy department, the current prevailing prices of diesel range from Php 24.50-27.90 per liter. It has a common price of Php 25.40 per liter.

Gasoline, on the other hand, has a price range of Php35.65-43.20 per liter. It has a common price of Php 41.75 per liter.

Eastern Petroleum explained the price adjustments was caused by the increase in international oil prices during the end of trading last week as the market looms a further oversupply with the return of Iranian oil.

“Analysts believe prices are adversely affected by the potential increase in global supply hinged on Iranian oil getting back on the market when sanctions are lifted. Markets have little or no clear directions of where prices are heading, as supplies continue to outpace demand,” it said. (PNA) RMA/JLD