After a price rollback last week, oil prices are up again starting this morning.
In separate advisories, Cleanfuel, Petro Gazz, Seaoil, and Shell announced a big-time hike on prices of gasoline by P1.05 per liter and P0.80-increase per liter of diesel.
Seaoil and Shell will also increase kerosene prices by P0.75 per liter.
Other oil firms are expected to follow suit.
It was just last Tuesday that oil players implemented less than a peso rollback on their prices.
Department of Energy data show that gasoline prices are currently higher by P12.85 than a year ago, while diesel prices are higher by P10.30, and kerosene by P8.70 per liter.
Meanwhile, prices of liquefied petroleum gas (LPG) products are also up for the month of August.
Petron increased P3.35 per kilogram of LPG, while the Solane-branded LPG went up by P3.27 per kilogram.
The adjustments reflect P35.97 to P36.85 increase in the prices of a regular 11-kilogram LPG cylinder.
The Philippine Stock Exchange index started the week down, partly on concerns regarding the implementation of enhanced community quarantine in the National Capital Region starting Aug. 6, but the peso ended the day sideways.
The local stock barometer rose by 2.81 percent, or 176.08 points, to 6,446.31 points.
All Shares followed after it jumped by 1.28 percent, or 50.41 points, to 3,985.27 points.
The Holding Firms index led the sectors after it rose by 2.97 percent and was trailed by the Property, 2.89 percent; Financials, 2.60 percent; Services, 1.48 percent; and Industrial, 1.38 percent.
Only the Mining and Oil ended the day with losses after it slipped by 2.55 percent.
Volume totaled 1.5 billion shares, amounting to P3.54 billion.
Losers led gainers at 119 to 78, while 46 shares were unchanged.
“Philippine shares were bought up on close after being heavily sold down Friday as investors reassessed the impact of having the ECQ imposed in the country,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
Malacañang has placed the NCR, among other places, under a two-week ECQ until Aug. 20 as a measure to address the rising coronavirus disease cases following the discovery of local transmission because of the Delta variant.
Only authorized persons outside of residence, such as health and emergency frontline workers, uniformed security personnel, government officials and workers on official travel, and duly-authorized relief and humanitarian workers are allowed to go outside of their homes during the ECQ.
Meanwhile, the peso managed to end the trade sideways against the US dollar amid the concerns on the economic impact of the ECQ.
The local currency finished the day at 49.9 to a greenback from 49.97 on Friday.
It opened the day at 49.95 and traded between 50.05 and 49.9.
Average level for the day stood at 49.998.
Volume totaled to USD776.52 million, lower than the previous session’s USD1.36 billion.*PNA