Fuel oil retailers implement an increase that begins at midnight Tuesday after only a brief rollback last week.
Seaoil increased the price of its gasoline by P1.20 per liter, P1.40 for diesel and P1.30 for kerosene.
Phoenix Petroleum, Clean Fuel and Jetti adjusted higher their per liter price by P1.20 for gasoline and P1.40 for diesel.
The adjustments were traced to the decision by the Organization of the Petroleum Exporting Countries and its allies limiting their combined oil production to 40.463 million barrels per day (bpd) for the entire 2024.
Saudi Arabia, the group’s most dominant member, also volunteered a one-month, 1 million bpd cut starting next month that it may extend depending on market developments.
According to the Department of Energy (DOE), the average price per liter of gasoline (RON95) is P60.30, diesel is P53.25 and kerosene only P66.67.
Meanwhile, DOE data as of the similar date showed that year-to-date adjustments stood at a total net decrease of P5.35 per liter for diesel and P7.35 per liter for kerosene but a net hike of P5.50 per liter for gasoline.
