“Effective 12:01 AM March 16, 2021, Caltex (Chevron Philippines Inc.) will increase fuel prices of Platinum by P1.25 per liter, Silver by P1.25 per liter, diesel by P0.90 per liter and kerosene by P0.85 per liter,” Chevron said in its advisory.
Aside from Caltex, Pilipinas Shell Petroleum Corp., PTT Philippines, Cleanfuel and PetroGazz also raised pump prices, while others are expected to follow suit.
Unioil Philippines said over the weekend oil prices will likely go up this week by P0.80 to P0.90 per liter for diesel and P1.10 to P1.20 per liter for gasoline.
The oil price increase reversed the oil price rollback implemented on March 9, when the oil firms cut pump prices by P0.10 per liter for gasoline, P0.35 per liter for diesel, and kerosene by P0.55 per liter.
These resulted in the year-to-date adjustments to stand at a net increase of P6.10 per liter for gasoline, P5.35 per liter for diesel and P4.50 per liter for kerosene.
World oil prices declined last week amid signs of global fuel consumption recovery, as vaccination programs against the coronavirus gained traction.
However, the Organization of the Petroleum Exporting Countries (OPEC) and its allies have warned that the effects of the COVID-19 pandemic will continue to be felt in the next two quarters.
OPEC has cut its demand estimates for the first two quarters, but is more optimistic of second half demand due to the positive impact of the vaccinations worldwide.
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