INDEPENDENT and major oil companies unleashed another oil price hike, marking their fifth consecutive week of price increase this year.

Thai-led PTT Philippines and other independent oil companies which do not sell kerosene such as Petro Gazz, Unioil Philippines, Phoenix Petroleum, Total Philippines and Eastern Petroleum bared that effective at 6 a.m. today, they will raise their prices of gasoline by P0.75 per liter and diesel by P1.80 per liter while Clean Fuel will carry out the same price hikes starting 4:01 p.m.

Oil giant Chevron Philippines said at 12:01 a.m. today, they will increase the prices of diesel by P1.80 per liter, kerosene by P0.80 per liter and gasoline by P0.75 per liter.

Two other major oil firms Petron Corporation and Pilipinas Shell and two small players Seaoil Philippines and Flying V announced the same oil price increases effective at 6 a.m.

Energy officials earlier said several factors could be attributed to the continued increase of prices in the international oil market including the drone attacks to oil facilities of Russia, the plan to reduce interest rates of the US Federal Reserve and the economic stimulus package by China to boost their economy.

AUTHOR PROFILE

Edd Reyes