OIL firms announced on Monday another round of price increase that will take effect Tuesday morning.
For the ninth consecutive week, prices of petroleum products will go up by P1.15 per liter for gasoline, P0.45 per liter for diesel and P0.55 per liter for kerosene.
Seaoil, Petron, Shell, Phoenix PTT, Caltex, Total, Unioil said they will implement the price increase at 6 a.m. of October 26. Cleanfuel, meanwhile, will adjust prices at 4:01 p.m.
Since oil firms adjusted gasoline price last August 31, this has gone up to P8.35 per liter, while diesel has shoot up by P9.1 per liter. Kerosene also increased by P8.6 per liter.
The latest fuel price hike brings the year-to-date adjustments to stand at a total net increase of P18.05 per liter for gasoline, P14.9 per liter for diesel and P12.5 per liter for kerosene.
Earlier, Energy Secretary Alfonso Cusi said the possibility of suspending excise taxes on fuel products is being considered. However, it is not up to the Department of Energy (DOE) to implement this. Should there be a law suspending excise tax, Cusi said pump prices might go down by P8 to P10 per liter.
The DOE had also proposed to Congress to amend the oil deregulation law.
“This supply tightness in the region is expected to persist until the end of the year on likelihood of no export quota allocation for the rest of the year,” DOE said.