MikeLigalig.com

Escalating world oil prices have prompted local oil firms to again hike prices of gasoline, diesel and kerosene by 50 centavos a liter and of cooking gas by 56 centavos a kilogram, inclusive of the 12-percent value-added tax.

First to raise prices were Eastern Petroleum Corp. and Flying V at 12:01 a.m. yesterday, followed by Petron Corp., Pilipinas Shell Petroleum Corp., Chevron Philippines Inc., Total (Philippines) Corp. and PTT Philippines Corp. at 6 a.m.

Unioil Petroleum Philippines Inc. raised prices at 12:01 a.m. today, with Seaoil Philippines Inc. to follow at 12:01 a.m. tomorrow.

According to industry data, the regional benchmark Dubai crude soared to $73.19 a barrel as of Sept. 27, from an August average of only $67.38 a barrel.

The price of unleaded gasoline based on the Mean of Platts Singapore (MOPS) benchmark for refined petroleum products skyrocketed to a September average of $82.40 a barrel from last month's $77.15 a barrel.

MOPS-based diesel likewise surged to an average price of $92.68 a barrel from $85.57 a barrel last month.
Eastern Petroleum chair and chief executive officer Fernando Martinez said the appreciation of the peso against the US dollar was not enough to offset the impact of surging world oil prices on local pump prices.
This latest fuel price hike, he said, was implemented "to recover past increases in international oil prices as reflected in MOPS.''

There's a lot of reasons why our oil company fuel price up:

Product high demand
Refinery Utilization
Project Upgrading
Economic Boom
Low stocks inventories
Dollar/Peso appreciation
etc.