No rollback this time: Oil firms raise fuel pump prices today

OIL prices are on the rise this week.

In separate announcements, oil firms said they will increase diesel price by P1.40 per liter, kerosene by P1.20 per liter, and gasoline by P0.35 per liter.

The announcement was made Seaoil, Shell, Petron, Caltex, Total, Unioil, PTT, and Phoenix. They said separately that pump prices would be adjusted at 6 a.m. of Tuesday, May 16.

Cleanfuel, on the other hand, will adjust its pump prices at 4:01 p.m.

Prior to this week's price adjustment, diesel price was reduced for four consecutive weeks and three straight weeks for gasoline and kerosene.

The rollback in oil prices was largely driven by microeconomic concerns from the world's two largest economies, US and China. Movements in the world oil market affect local pump prices. Last May 9, oil companies implemented a per liter decrease of P2.20 for gasoline, P2.70 for diesel and P2.55 for kerosene. These resulted to a year-to-date net decrease for diesel at P7.05/liter and kerosene at P7.50/liter. Gasoline on the other hand, has a net increase of P3.85/liter.