Motorists will be greeted with a big-time increase in pump prices of petroleum products starting Tuesday, marking the eighth consecutive week of increases.
In separate advisories on Monday, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp., and SEAOIL Philippines Inc. said they will hike prices per liter of diesel by P1.35, gasoline by P1, and kerosene by P1.10.
Eastern Petroleum Corp., Petro Gazz, Phoenix Petroleum Philippines Inc., PTT Petroleum Philippines Inc., TOTAL Philippines Inc., and Unioil Petroleum Philippines Inc. will implement the same changes, excluding kerosene.
The adjustments will take effect 6 a.m. on Tuesday, October 2.
Other firms have yet to announce any changes for the week.
According to the latest data available from the Department of Energy, gasoline prices in the country currently range from P51.55 to P65.35, diesel from P44.30 to P53.55, and kerosene from P48.72 to P58.85.
In an interview on News To Go, Rodela Romero, assistant director of the Department of Energy's Oil Industry Management Bureau, said the hike was due to developments overseas.
"Basically po, dahil sa strength in crude market, 'yun po ang dahilan kung bakit tumaas ang ating mga finished products like gasoline, diesel, and LPG," she said.
"Dahil po sa kaguluhan sa Middle East... and then nagkaroon din po ng mga market uncertainties, at the same time po tighter po 'yung crude inventories at tsaka po 'yung pagbaba ng production ng Venezuela."
Looking ahead, Romero said she is hopeful that the Organization of the Petroleum Exporting Countries (OPEC) could come to a consensus and address the global oil demand.
"Hopefully po naman, hindi siya magdire-diretso, mapagkasunduan hari nawa ng OPEC countries na supplyan ng produkto ang merkado para hindi po tayo kukulangin sa supply," she said. —KBK/RSJ, GMA News