Big-time oil price hikes await motorists
BIG and small oil companies unleashed on Monday their second wave of big-time fuel price increases, which would take effect Tuesday, October 18, 2022.
Major oil firms Pilipinas Shell and Petron Corporation, along with Seaoil Philippines and Flying V, at 6:00 a.m. Tuesday raised their prices of diesel products by P2.70 per liter, gasoline by P0.80 centavos per liter, and kerosene by P2.90 per liter, while Chevron Philippines, another major oil firm, implemented the same price adjustments much earlier at 12:01 a.m.
In separate advisories, PTT Philippines, Phoenix Petroleum, Total Philippines, Petro Gazz, Unioil, and Jetti Oil also bared their respective pump price increases by uniform amounts, specifically P2.70 per liter on diesel and P0.80 centavos per liter on gasoline effective at 6:00 a.m. while Clean Fuel at 8:01 a.m., also on Tuesday.
Most independent oil firms do not sell kerosene products.
Energy sources said the projection of the Organization of Petroleum Exporting Countries (OPEC) Plus to cut down oil production and the approaching winter contributed to an increase in oil prices in the world market.
