GASOLINE prices will increase this week by more than P1 per liter, oil companies announced on Monday.
In separate advisories, Seaoil, Jetti, Shell Philippines, Petro Gazz, Caltex, and Cleanfuel said the prices of gasoline would increase by P1.20 per liter on Tuesday, December 9.
The adjustment will take effect beginning 6:00 a.m. except for Cleanfuel which will implement the price hike at 4:01 p.m.
There will be no movement in the prices of kerosene and diesel.
Oil companies adjust prices every week to reflect movements in the world oil market.
The Department of Energy said the global crude oil supply surplus and the geopolitical concerns on Ukraine attack on Russian’s oil infrastructure and the rising tension between US and Venezuela contributed to the local pump price adjustment.