MANILA, Philippines — Oil companies are raising local pump prices by up to 40 centavos per liter effective Tuesday, May 28.
In separate advisories, the oil firms announced a 40-centavo increase in the prices of diesel and gasoline per liter while kerosene would go up by 30 centavos.
Shell Pilipinas and Petro Gazz will adjust their pump prices on Tuesday at 6 a.m. Caltex will follow suit at 6:01 a.m. on the same day while Cleanfuel will be the last to implement the price hike at 4:01 p.m.
READ: Gasoline prices drop by 10¢ per liter, diesel up 25¢ from May 21
Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, said last week that pump prices could go up ahead of the Organization of the Petroleum Exporting Countries’ (Opec) meeting in June and the US dollar’s strong performance.
READ: Fuel prices as of May 7: Gasoline cut by 75 cents, diesel by 90
“The estimated increases in the prices of petroleum products for next week are attributed to the Opec+ production cut where analysts are awaiting the June 1 meeting that will focus on their output policy; a stronger dollar that makes crude oil more expensive for nondollar economies and the rebound in demand from China,” Romero said.
READ: Oil firms blame strong dollar for price increase
This week’s upward price adjustment was a reversal from a mixed adjustment implemented a week ago.
Last week, oil companies cut gasoline prices by 10 centavos per liter but jacked up diesel and kerosene by 25 centavos per liter and 30 centavos per liter, respectively.