Another big-time oil price hike
MOTORISTS rushed to gasoline stations to fill up their tanks following the announcement on Monday by local oil firms of a big-time fuel price increase, marking its 10th straight week hike of oil prices effective Tuesday.
Major oil firms Petron Corporation and Pilipinas Shell, as well as Filipino-owned company Seaoil Philippines, bared that at 6:00 a.m. Tuesday, they would implement an increase of their respective prices of diesel by P5.85 per liter, gasoline by P3.60 per liter, and kerosene by P4.10 per liter.
Chevron Philippines, another major oil firm, also moved its pump prices by the same increments much earlier at 12:01 a.m.
Independent oil companies which do not sell kerosene such as PTT Philippines, Petro Gazz, Total Philippines, Phoenix Petroleum, Unioil, and Jetti Oil, implemented the same set of hikes on their diesel and gasoline products, also at 6:00 a.m. while Clean Fuel at 4:01 p.m.
Pilipinas Shell said the price of diesel was much higher compared to gasoline since the adjustment include market premium and higher coco methyl ester price of diesel.
PTT Philippines Communication Officer Jhay Julian said the weekly price adjustment mainly reflects movements in the international oil market.
