OIL firms announced on Monday they will implement a mixed price adjustment this week.
Gasoline prices will increase by P0.55 per liter while diesel and kerosene prices will go down by P0.95 per liter and P1.10 per liter, respectively.
Petron, Shell, Caltex, Total, Unioil, Seaoil, PTT, Phoenix said they will adjust their prices at 6a.m. of Tuesday, April 23. Cleanfuel, for its part, will bring down its prices at 12:01 a.m.
These domestic pump adjustments are attributed to the lingering factors of geopolitical conflict in the Middle East, particularly the Israel-Hamas, which might spread to include Iran.
“The problem in Middle East really triggered the price adjustment, particularly for gasoline. However, global demand was, I think, downgraded. It was more of a correction in the market because there was really no actual market disruption after missile attacks between Israel and Iran,” said DOE Oil Industry Management Bureau Director Rino E. Abad.
Oil firms adjust pump prices every week to reflect movements in the world oil market.
Image credits: Roy Domingo