TODAY marks the seventh oil price hike on petroleum products.
Major oil firms Pilipinas Shell, Petron Corporation, Chevron Philippines and Total Philippines and independent oil players PTT Philippines, Eastern Petroleum, Flying V, Seaoil, Petro Gazz, and Phoenix Petroleum yesterday announced a P0.40 per liter price increase in gasoline, P0.20 per liter in diesel and for kerosene by P0.15 centavos starting 6 a.m. today.
The Department of Energy said the cause of this week’s oil price hike is the sanction of United States of America on Iran.
The sanction has caused Iran, considered one of the world’s top oil producers, to export less oil.
From January to September this year, the price increase in gasoline has totaled to P9 and P9.80 in diesel excluding excise tax.
With the excise tax, there has been a P12 price increase in gasoline and diesel on the local market.
However, the DoE has implemented a price freeze on petroleum products in areas under a state of calamity.