After back-to-back rollbacks, oil companies raise pump prices

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MANILA, Philippines — After implementing a rollback for two straight weeks, oil companies will raise the prices of petroleum products effective on Tuesday.

In separate advisories, the oil companies said that per liter, the price of gasoline would increase by 70 centavos while diesel and kerosene would go up by P2.60 and P2.80, respectively.

Last week, the prices per liter of gasoline decreased by 10 centavos, diesel by P1.05, and kerosene by 45 centavos.

The cumulative increases per liter now stand at P18.15 for gasoline, P31.70 for diesel, and P27.10 for kerosene.

In Metro Manila, gasoline is sold between P63.50 and P83.60 per liter while diesel retails from P66.55 to P81.20 per liter. Kerosene is priced at between P72.99 and P84.90 per liter as of Aug. 18, based on the Department of Energy’s price monitoring.

As of this writing, both the Asian bellwether Dubai crude and the international benchmark Brent crude had settled at around $95 per barrel.

Certain items are taken into account in determining domestic pump prices such as import cost, taxes, and industry take (or the amount comprising the recovery of all operating costs and profit margin of the oil company). The import cost alone accounts for more than half of the fuel price.

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