MANILA, Philippines — Oil companies are implementing increases in the prices of fuel products today.
In an advisory, Petron Corp. said the price of gasoline will go up by P1.05 per liter while a P1.55 increment will be made per liter in the price of diesel. Kerosene prices will also be raised by P1.30 per liter.
“These reflect movements in the international oil market,” Petron said, adding it would implement the price adjustments at 6 a.m. today.
Meanwhile, Cleanfuel said it will implement a P1.50 per liter increase in diesel and P1.05 increase in gasoline at 4:01 p.m. today.
Among the other oil firms imposing the price adjustments at 6 a.m. today are Seaoil, Petro Gazz, PTT Philippines and Phoenix Petroleum.
Phoenix Petroleum said it will not implement the price adjustments in the provinces of Cagayan, Isabela and Rizal, as well as the city of Marikina.
The Department of Energy declared earlier a price freeze for household liquefied petroleum gas and kerosene for 15 days upon the declaration of a state of calamity due to the impact of Typhoon Ulysses.
Areas covered by the price freeze include Marikina City and the province of Isabela from Nov. 13 to 27, and the provinces of Cagayan and Aurora from Nov. 14 to 28.
Last week, oil companies implemented mixed adjustments in the price of fuel products.
Diesel went up by P0.20 per liter, while the price of gasoline dropped by P0.20 per liter.
A P0.40 per liter increment was made in the price of kerosene.
On Friday, oil prices fell by around two percent due to swelling output from Libya as well as the impact of rising COVID-19 infections on fuel demand, Reuters reported.
Brent crude LCOc1 fell 75 cents, or 1.7 percent, to settle at $42.78 a barrel, while the US West Texas Intermediate (WTI) crude futures CLc1 fell 99 cents, or 2.4 percent, to end the session at $40.13 a barrel.
On a weekly basis, both Brent and WTI posted an over eight percent rise.