Fuel prices up with rising world crude costs
Pump prices at 51 pesos since June 2018 in Valencia, Bukidnon (file)

More significant increases in local pump prices took place days after international benchmark Dubai Crude breached the USD80 per barrel level, triggering speculation that simmering geo-political tensions will once again push it to the USD100 per barrel level before yearend.

In separate announcements, local oil companies said the price of diesel will go up by PHP1.45 per liter, unleaded gasoline by PHP1.00 per liter and kerosene by PHP1.35 per liter effective 6AM, October 9.

This follows increases of PHP1.35/liter in diesel, PHP1.00/liter in gasoline and PHP1.10/liter in kerosene last October 2.

Spokesmen for the oil firms said the almost weekly oil price hikes simply reflect what is currently happening in the world crude market.

Philippine economic managers earlier said rising prices of petroleum products have been a main contributor to the recent inflation surge. They, however, added that additional excise taxes on oil products that were imposed this year as part of tax reforms can only be suspended if the USD80/per barrel level is sustained for three consecutive months. (with a report from PNA)