The upward movements in global oil prices have triggered another price increase in the country.
Oil companies will implement P1.05 per liter, while diesel and kerosene will have an upward price adjustment by P0.70 per liter.
Pilipinas Shell, PTT Philippines, Phoenix Petroleum, Eastern Petroleum, Seaoil Philippines and PetroGazz already implemented the increase as of Tuesday, July 16 at 6 a.m.
The seven-week high of oil prices was due to “a gathering storm in the US, as well as bubbling tensions in the Middle East,” according to the Department of Energy.
Geographical tension is one of the factors for the said increase as well. The energy department noted that Iran is still attempting to seize a British tanker in retaliation for the UK’s capture this week of one of its vessels, as reported in BusinessMirror.
Prices of diesel and kerosene went down by P0.40 per liter and P0.35 per liter, respectively last week. While gasoline prices increased by P0.25 per liter.
Other oil firms are still to announce their price adjustment by Monday night.