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The country’s oil companies implemented a sharp increase in the price of oil of up to P1.15 per liter starting at 6 am Tuesday to reflect price movements in the world oil market. Oil companies raised the price of gasoline by P1.15 per liter and diesel and kerosene by P1.10 per liter, respectively. “Petron will implement the following price increases starting at 6 am on December 1: P1.15 / li for gasoline; P1.10 / li for diesel; and P1.10 / li for kerosene. These reflect movements in the international oil market, ”said Petron Corp. in its notice. Seaoil Philippines, Cleanfuel and PetroGazz also announced the latest oil price hike, while other oil companies are expected to follow suit. Petron also announced an increase in the price of cooking gas or liquefied petroleum gas (LPG) by P0.96 per kilo and autoLPG by P0.54 per liter to reflect the international LPG contract price for December. On November 24, oil companies also increased diesel by P0.50 per liter and kerosene by P0.30 per liter. There was no movement in the price of gasoline. This resulted in the year-to-date adjustments to a net decrease of P4.62 per liter for gasoline, P8.86 per liter for diesel and P12.29 per liter for kerosene, according to the latest Department calculations. of Energy (DOE). World oil prices have risen in recent weeks due to reports of a vaccine launch that could finally end the coronavirus pandemic. Meanwhile, the Organization of the Petroleum Exporting Countries and its allies will hold a meeting through Tuesday on their plan to delay the production increase of two million barrels per day (mbpd) but maintain the current production cut of 7.7 mbpd. .
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