Consumers will need to shell out extra for their gasoline product purchases this week as the price of this commodity will be higher by P0.25 per liter this week, based on the pricing adjustment notices sent by the oil companies.
Meanwhile, the price of kerosene will be on rollback by P0.25 per liter; while diesel prices will be unchanged this week.
But for oil industry player Cleanfuel, it had gone the extra mile in not adjusting both the pump prices of its gasoline and diesel products this week.
As of this writing, the oil companies that already advised on their price adjustments had been Pilipinas Shell Petroleum Corporation, Seaoil and PetroGazz effective on Tuesday (February 2); while the rest of their competitors will follow.
Beyond the pump price adjustments, the oil firms also increased the price of liquefied petroleum gas (LPG) by P2.96 per kilogram (kg) or an aggregate P32.56 for the standard 11-kilogram cylinder.
Leading industry player Petron Corporation also advised on P1.66 per liter increase on its autoLPG products, which is also used as an alternative fuel for the transport sector.
Global oil prices have been on softening trend in trading days last week, as markets are still re-assessing the impact being sparked by the new Covid-19 UK variant, which had been observed causing faster rate of infections.
Even the Asian market is threatened on the demand side, because China which is the biggest consumer of oil in the region, is perceived teetering on another wave of lockdown because of the new coronavirus strain.