MANILA, Philippines – Oil firms are set to increase the pump prices of diesel by 30 centavos per liter on Tuesday due to high demand for the product in Vietnam and India brought about by the ill effects of El Nino phenomenon.
In a press conference, Energy Secretary Zenaida Monsada explained that the price increase “was due to the high demand coming from India and Vietnam due to the El Nino.”
She noted there were conflicting reports from the oil sector, as the International Energy Agency said it expected a drop in the global oil glut by the end of the year.
Monsada also said the gasoline prices remained unchanged due to its low demand.
Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines, Seaoil Philippines Inc. and PTT Philippines said in separate advisories Monday they would enforce the increase starting at 6 a.m. Tuesday.
The firms also said they would not change its prices for gasoline.
Shell and Seaoil will also maintain prices of their kerosene.
Oil firms to hike diesel prices on Tuesday
