Oil companies in the Philippines are set to increase their pump prices after a three-week roll back.
Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. announced on Monday that they will hike gasoline prices by P0.35 per liter, diesel by P1.40 per liter, and kerosene by P1.20. Meanwhile, Cleanfuel will also adjust its prices, but will not increase its kerosene prices.
These adjustments will take effect starting 6 a.m. on Tuesday, May 16, while Cleanfuel’s changes will take place at 4:01 p.m. on the same day.
This news comes after the Department of Energy (DOE) warned that pump prices will increase this week due to the decline of inventory in the United States.
The decline of inventory in the United States regarding oil refers to the decrease in the amount of oil and petroleum products that are stored in the country’s commercial stockpiles. The United States Energy Information Administration (EIA) regularly releases data on the level of oil inventories in the country, which includes crude oil, gasoline, and other petroleum products.
A decline in oil inventory levels could mean that there is an increased demand for oil and petroleum products, or a decrease in domestic production, or a combination of both. It could also be due to disruptions in oil supply caused by geopolitical events, natural disasters, or other unforeseen circumstances.