OIL PRICES SHOOT UP
FUEL prices skyrocketed after big and small oil companies made hefty adjustments.
Major oil firms Petron Corporation, Pilipinas Shell, and Chevron Philippines today raised their prices of premium and unleaded gasoline by P1.50 per liter, diesel by P2.10 per liter and kerosene by P1.20 per liter.
Two other giant oil firms, PTT Philippines and Total Philippines which do not carry kerosene also announced the same level of price adjustments on their gasoline and diesel products.
Independent oil companies such as Unioil Philippines, Petro Gazz, Jetti Oil Philippines, and Phoenix Petroleum will implement the same set of hikes on their gasoline and diesel products also at 6 a.m. while Clean Fuel at 4:01 p.m.
PTT Philippines Media Relation Officer Jay Julian said the Department of Energy-Oil Industry Management Bureau (DO-OIMB) cited the delayed plans of the Organization of Petroleum Exporting Country (OPEC+) to increase their production and the impact of strong typhoon that hit the United States of America were among the reasons for the increase of local pump prices.
