June 18, 2024 Edd Reyes 98 views

OIL companies today made hefty increases in the prices of diesel, gasoline and other fuels.

Major oil companies Petron Corporation, Pilipinas Shell and Chevron Philippines, along with small oil firms Seaoil Philippines and Flying V announced an increase of their diesel products by P1. 75 per liter, gasoline by P0.85 per liter and P1.90 per liter on kerosene which will take effect at 6:01 a.m.

Two other major oil companies, Total Philippines and PTT Philippines, which do not carry kerosene, also bared that they will increase their gasoline and diesel products by the same increments at 6:01 in the morning, Tuesday.

Other independent oil players such as Jetti Petroleum, Phoenix Petroleum, Unioil Philippines, Petro Gazz and Eastern Petroleum which do not sell kerosene will increase the price per liter of their gasoline by P0.85 centavos per liter and diesel by P1.75 per liter effective at 6 a.m. while Clean Fuel at 4:01 p.m. on Tuesday.

PTT Philippines Media Relation Officer Jay Julian said the reduction of oil export by Saudi Arabia in China, the drop in US crude inventories, and the increasing demand for oil in the international market are among the several reasons for hefty oil price increases.