OIL PRICE HIKE IS BACK
AFTER four consecutive weeks of price rollback, local oil companies announced a slight increase in prices of diesel and kerosene products starting today.
Oil giant Chevron Philippines, in separate advisory, said effective 12:01 a.m. today, they will implement an increase of P0.65 per liter on kerosene and P0.30 on diesel while gasoline prices will remain the same.
Two other major oil firms, Petron Corporation and Pilipinas Shell along with small players Seaoil Philippines and Flying V also announced the same level of price increases on diesel and kerosene.
Independent oil companies that do not sell kerosene such as PTT Philippines, Petro Gazz, Total Philippines, Phoenix Petroleum, Eastern Petroleum and Unioil Philippines said they will implement the same price adjustment effective at 6 a.m.
Oil industry sources said the slight increase in prices of diesel and kerosene products was due to the previous pronouncement of supply cuts in production by members of Organization of the Petroleum Exporting Countries plus other oil-producing countries (OPEC+) during their output policy meeting on November 26 and later delayed to November 30, the weekly surge in US crude inventories.
