Both oil firms cited the increase in the price of Dubai crude and the decision of the members of Organization of Petroleum Exporting Countries (OPEC) not to increase their production.
"The bellwether Dubai crude increased by $1.56 per barrel last month due to market expectations of an outbreak of hostilities in the Middle East. Additionally, the OPEC decision not to raise its production has supported higher price levels," Petron corporate communications manager Virginia Ruivivar said in a statement.
Dubai crude reached 19-month highs in September, breaching the $27 per barrel level several times. International crude prices continue to exhibit an upward trend averaging $27.65 per barrel for the first two days of October.
Caltex’ officials echoed Petron’s position and said other factors have also added to the pricing pressure.
"International prices have continued to go up in light of the numerous factors affecting supply and demand, such as the ongoing Middle East crisis and (OPEC’s) decision not to increase production levels," Caltex officials said.
"As a result of these and other factors, reference crude and finished produce prices have gone up by roughly $1.60 to $2.60 per barrel from August to September. The latest spot price of diesel alone is nearly $4 per barrel or 14 percent higher than August levels," they added.
The Caltex officials noted that other factors, such as demand, competition and foreign exchange rates added to the pricing pressure.
Caltex, they said, is committed to remaining open and transparent regarding price adjustments.
"Caltex will more accurately reflect these conditions by adjusting prices up or down in smaller amounts, more frequently if necessary, with the frequency dictated by changes in market and competitive conditions. This will help cushion consumers from sudden big swings in prices," they added.
Totalfinaelf Philippines Corp. (TFE), on the other hand, also raised its prices yesterday morning.
TFE corporate affairs manager Rona Quejada said the increase in petroleum product prices is inevitable because oil prices have been fast rising.
Based on the Mean Platts Singapore reference used in pricing imported finished oil products, prices have sharply increased in the past month.
The monthly average price of unleaded gasoline rose from $28.50 per barrel in August to $30.48 per barrel in September.
"We will continue to closely monitor the movements of the world oil market, the foreign exchange and the current international and local situation. It will accordingly respond on these indicators while trying its best to ease the financial burden on consumers when possible," Quejada said.
Eastern Petroleum Corp., one of the most aggressive new oil players, also jacked up prices by 35 centavos for diesel and 50 centavos for gasoline.
Consumer advocate Raul Concepcion had earlier predicted that oil prices would increase from 59 to 62 centavos per liter.