Oil price hike today

Manila, Philippines–The country’s oil firms have raised pump prices by P1.25 per liter for gasoline, P1.10 per liter for diesel, and P0.75 per liter for kerosene effective 6 a.m. Tuesday.

Pilipinas Shell Petroleum Corp., PTT Philippines, Seaoil Philippines, PetroGazz and Cleanfuel issued separate advisories of their latest price hikes. Other oil companies are expected to follow suit.

This is the sixth successive weekly increase for diesel and kerosene and the second consecutive weekly increase for gasoline.

Meanwhile, Pilipinas Shell also announced that “additional cost on EO 113 will be implemented on a per station basis starting June 17 as acknowledged by Department of Energy.”

Executive Order 113 imposes an additional 10 percent duty on all crude petroleum oil and refined petroleum products, to augment government resources and finance programs and measures to mitigate the effects of the coronavirus pandemic “and launch the country towards recovery and rehabilitation.”

Data provided by the department showed that the additional 10 percent tariff will result in a P0.60 per liter increase for gasoline, P0.84 per liter for diesel, and P0.55 per liter for kerosene.

It will also increase LPG by P1.82 per liter, jet fuel by P0.55 per liter, and fuel oil by P0.66 per liter.

The Department of Energy (DOE) earlier said the additional tariff would only apply to new stocks of oil imports.