Another big time increase in the pump prices of petroleum products will take effect Tuesday, at P4.30 per liter of diesel, P2.15 per liter of gasoline, and P4.85/L of kerosene.
Unioil said it will implement the price changes, inclusive of the value-added tax, effective 6:01 a.m. of June 14 to reflect the changes in the international oil market.
Caltex will implement similar price increases at 12:01 a.m., also on Tuesday.
Other companies will also follow suit, as per their advisories.
On June 7, oil companies also implemented increases in domestic oil products, at P6.55 per liter for diesel, kerosene by P2.45/L, and gasoline by P2.70/L.
These resulted in the year-to-date adjustments to stand at a net increase of P26.55/liter for gasoline, P36.85/liter for diesel, and P33.10/liter for kerosene, the Department of Energy said.
It added that crude prices rose after the European Union agreed to ban the Russian seaborne imports in the next six months, and this will immediately impact 75 percent of Russian imports in the EU, affecting 90 percent imports by the end of the year, and making the supply outlook further tighter than present.
The agreement is expected to hit 1.2 million b/d of refined product imports, including diesel, by the end of 2022, the DOE Oil Monitor showed, adding that supplies also remained tight as peak seasonal refinery turnarounds in Japan are curbing diesel output./CGCD
