Oil prices will increase today with P0.90 per liter for gasoline and P0.55 per liter for diesel products due to bellwether Dubai crude hitting US$62 per barrel last week.
Kerosene recorded an increase of P0.85 per liter this week.
Oil firms have already applied the increased prices on their products effective today (February 12) at 6:00 am.
Oil firms that already applied the increased rates include Shell Petroleum Corporation, PTT Philippines, Total, Unioil, Seaoil, Jetti and Eastern Petroleum; other companies are seen to follow.
Initially, the oil companies expected a higher price per liter for gasoline which is more than P1.00. However, Dubai crude lowered to the level of US$61 per barrel on February 7, which resulted to the slight decrease compared to the initially expected price hikes.
Aside from the increase on Dubai crude, global oil prices also recorded a rise.
With Brent crude, the increase was by more than US$62 per barrel; while West Texas Intermediate was close to US$53 per barrel.
According to industry experts, there might be factors that can be affecting the movement of the international oil prices, including the trade issue between the United States and China.
Aside from that, the US is planning to impose sanctions on Venezuelan oil which could further cut Venezuelan oil export counts.
With the current increase, an overall net for gasoline will be at P1.50 per liter, P1.55 per liter for kerosene, and P2.45 per liter for diesel.