MANILA, Philippines - Petroleum companies announced a price increase in local pump prices effective yesterday morning, ending a series of downward price adjustments in the past weeks.
In their advisories, oil firms said they would raise gasoline prices by 25 centavos per liter, diesel prices by 55 centavos per liter, and kerosene prices by 35 centavos per liter.
Gasoline prices are now at P53 per liter while diesel prices are at P43 per liter.
Among the first to announce a price hike was Petron Corp., the country’s biggest oil refiner. The firm said the price hike reflects movements in the international oil market.
PTT Philippines, the local subsidiary of Thailand’s biggest oil company, also raised petroleum prices.
Yesterday’s price increase ended a series of oil price rollbacks implemented in the past weeks.
The last rollback was on Oct. 7, the fourth consecutive price cut since September. Oil firms cut gasoline prices by 55 centavos per liter and diesel by 35 centavos per liter.