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Bigtime oil price hike

  • Written by Jeffrey C. Tiangco
  • Published in Top Stories
  • Read: 258

OIL companies, for the fifth consecutive weeks, implemented another round of oil price hike, a big
one, effective today.

Pilipinas Shell, one of the country’s oil giants, Flying V, SEAOIL Philippines Inc., Unioil
Petroleum Philippines Inc, three of the so-called independent oil players, spearheaded the
implementation of the increase which was pegged at P0.95 per liter each both in pump prices of
gasoline and kerosene while P0.60 for diesel.
    
The increase took effect at 12:01 a.m. today except for the price adjustment of Shell and
Flying V which took effect at 6 a.m.
    
The latest oil price hike, the fifth in five consecutive weeks was reportedly due to the
movement of oil prices in the world market.
    
Records at the Department of Energy (DOE) showed that pump prices of diesel in the country now
range from P31.20 to P36.30 per liter while gasoline is currently at P42.44 to P52.41.