Oil firms raising prices by P1.20-P1.70 per liter
After two consecutive weeks of slashing the prices of their fuel products, oil companies are implementing a price increase starting Tuesday, May 20.
Jetti Petroleum, Seaoil, PetroGazz, Caltex and CleanFuel, in separate advisories on Monday, announced that the price per liter of diesel will go up by P1.70.
Both gasoline and kerosene, on the other hand, will be more expensive by P1.20 per liter.
Industry players earlier said the potential increase in pump prices may still be attributed to recent developments in the US-China trade tension, as both parties agreed to temporarily lower their reciprocal tariffs.
“Prices were also supported by strong demand for fuel products following declines in US gasoline and diesel inventories ahead of the start of summer driving season,” Jetti Petroleum president Leo Bellas said.
The Organization of the Petroleum Exporting Countries’ outlook of a “slower” supply growth this year also influenced the price movement, according to Rodela Romero, assistant director of the Department of Energy-Oil Industry Management Bureau.
