Diesel up P1.40; gas higher by P1.20

MANILA, Philippines — Oil companies are raising pump prices by more than P1 per liter today following a rollback last week. 

The prices of gasoline will go up by P1.20 per liter, diesel by P1.40 and kerosene by P1.30 per liter. 

The adjustments will take effect at 6 a.m. today for most companies, except for Caltex, which implemented the adjustment at 12:01 a.m. and Cleanfuel, which will implement it by 4:01 p.m. 

Oil Industry Management Bureau assistant director Rodela Romero attributed the global oil price increase to Saudi Arabia cutting its output in July by one million barrels per day. 

The upward price adjustments this week, which reflect movement in the international oil market, come after price rollbacks were implemented last week. 

Gasoline and kerosene prices had been reduced last week by P0.60 per liter, while the price of diesel was cut by P0.30 per liter. 

These resulted in a year-to-date net decrease of P5.35 per liter for diesel and P7.35 per liter for kerosene, based on data from the Department of Energy.  

Gasoline has a year-to-date net increase of P5.50 per liter.