Another big-time oil price hike
LOCAL oil firms announced their big-time fuel price increases on Monday, which also accounted for their 17th price hike since January 2022.
Major oil firm Chevron Philippines at 12:01 a.m. Tuesday (June 7) raised their diesel prices by P6.55 per liter, gasoline by P2.70 per liter, and kerosene by P5.45 per liter.
Petron Corporation and Pilipinas Shell and Seaoil Philippines, and Flying V implemented the same set of hikes on their products at 6:00 a.m. Tuesday (June 7).
Independent oil companies PTT Philippines, Phoenix Petroleum, Total Philippines, Petrogazz, Unioil Philippines, and Eastern Petroleum, which do not carry kerosene, bared that they would also hike pump prices by a uniform amount of P6.55 per liter on diesel and P2.70 per liter on gasoline effective at 6:00 a.m., Tuesday while Clean Fuel at 8:01 a.m.
Oil industry sources said increasing demand for crude oil in the Northern Hemisphere, the ban imposed by European countries on Russian oil imports, and the economic recovery of China after dealing with another wave of a serious outbreak of COVID-19 were some of the factors why fuel pump prices go up.
