‘Big-time’ oil price hike set this week
LOCAL oil companies announced a “big-time” uniformed price increase of their petroleum products, the third price increase for 2023, effective on Tuesday.
Major oil firms Chevron Philippines was the first to implement an increase on its gasoline products by P2.80 per liter, diesel by P2.25 per liter, and kerosene by P2.40 per liter at 12:01 a.m. while Pilipinas Shell and Petron Corporation imposed the same price adjustments, along with independent oil companies Flying V and Seaoil Philippines at 6 a.m. on Tuesday.
Thai-led PTT Philippines, Total Philippines, Phoenix Petroleum, Unioil Philippines, Petro Gazz, and Jetti Oil also raised the prices of their gasoline and diesel products by the same increments effective at 6 a.m. while Clean Fuel at 4:01 p.m. Tuesday.
Energy sources said the reopening of the Chinese economy after relaxing its COVID-19 restrictions caused international crude prices to soar.
