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‘Big time’ oil price hike set this week

August 29, 2022 Edd Reyes 311 views

STARTING Tuesday, big and small local oil companies will implement another big-time oil price hike, their second straight week of the fuel price increase.

Petron Corporation and Pilipinas Shell, along with small oil players Flying V and Seaoil Philippines, in separate advisories, said they will increase the prices of their kerosene and diesel products by P6.10 per liter while gasoline by P1.40 per liter effective at 6:00 a.m.

Chevron Philippines, another major oil firm, also announced the same price increases for its petroleum products effective at 12:01 a.m. Tuesday.

Independent oil firms PTT Philippines, Petro Gazz, Unioil Philippines, Total Philippines, Phoenix Petroleum, and Jetti Oil also announced the same price increases on their gasoline and diesel products at 6:00 a.m., excluding kerosene which they do not carry, while changes in pump prices of Clean Fuel will take effect at 8:01 a.m.

Energy sources said the tight supply of oil products, the threat of a Russian oil embargo, and the high demand for crude oil in the world market brought about by harvest and winter season triggered an increase in world oil prices.