Hefty oil price hikes will greet consumers on Tuesday, oil firms announced Monday. Know more:
Gasoline prices will shoot up by P2.60 per liter, diesel by P1.70 per liter, and kerosene by P1.9 per liter. The price increase takes effect at 6 a.m. for Petron, Shell, Seaoil, Phoenix, PTT, Caltex, Total, Unioil. Cleanfuel, meanwhile, will adjust its prices at 4:01 p.m. Other oil firms are expected to implement the same price increase.
Movements in the world oil market affect local pump prices. It was the announcement of Saudi Arabia and other OPEC+ oil producers last week of further reduction in output by 1.16 million barrels per day that sparked the hikes in pump prices across the globe. Before, the country uses Dubai crude as benchmark for pricing of local products. However, this translates to one to two months lag time in reflecting the cost of products as it entails three weeks of travel time and another week or two for refining the crude and transporting the products to the pump.
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