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Another oil price hike effective today

MAJOR and independent oil companies have announced another price increase on petroleum products effective today, Tuesday.

Chevron Philippines implemented an increase of P1.10 per liter of diesel, gasoline by P0.85 per liter and kerosene by P1 per liter effective Tuesday while two other major oil firms, Petron Corporation and Pilipinas Shell imposed the same price adjustments at 6 a.m.

Thai-led PTT Philippines Inc., Petro Gazz, Seaoil, Phoenix Petroleum, Total Philippines and Eastern Petroleum also implemented an increase of P1.10 per liter of their diesel products while gasoline price will increase by P0.85 per liter effective 6 a.m. Tuesday.

Energy sources said high demand for oil in the international oil market drove up local oil prices.