AFTER the solemn celebration of Holy Week comes hefty oil price increases starting today.
Major oil firms Petron Corporation and Pilipinas Shell at 6 a.m. will raise their prices of gasoline by P2.60 per liter, diesel by P1.70 per liter and kerosene by P1.90 per liter while Chevron Philippines implemented the same price adjustments of its petroleum products at 12:01 a.m.
Independent oil firms PTT Philippines, Petro Gazz, Total Philippines, Jetti Oil, and Eastern Petroleum in their separate advisories said they will move their pump prices of their gasoline and diesel products by the same increments at 6 a.m. Tuesday while Clean Fuel at 4:01 p.m.
Most independent oil players do not sell kerosene products.
Oil industry sources said the Organization of the Petroleum Exporting Countries (OPEC) and its allies have agreed to widen oil production cuts as a precautionary measure to support the market stability which causes local fuel prices to surge.