By Kris Crismundo | Philippine News Agency
After a big-time rollback last week, oil companies will implement a hefty increase in pump prices starting Tuesday morning.
In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, and Shell said they would increase gasoline prices by P1 per liter and P1.20 per liter on diesel prices.
Caltex, Seaoil, and Shell will also have price increments on kerosene by P1 per liter.
Other firms are expected to follow suit.
Industry experts said the global oil market turned optimistic with the better-than-expected economic data reports in the United States that could signal the US Federal Reserve System to ease its monetary policy, which could boost oil demand.
Meanwhile, with the price adjustments last week, Department of Energy data showed that gasoline and diesel prices year-to-date had a net increase of P7.05 and P4.75 per liter, respectively. Kerosene prices, on the other hand, had a net decrease of P3.15 per liter.
Currently, gasoline prices in Metro Manila range from P52 to P85.52 per liter, P49 to P72.24 per liter for diesel, and P69.49 to P80.85 per liter for kerosene.