AFTER eight straight weeks of oil price rollback, a price hike on petrol products may be coming starting Tuesday this week.
Independent oil firms PTT Philippines Corporation General Manager Danny Alabado said pump prices on the international market went up by as much as P0.40 centavos per liter in the last trading after a global production cut was implemented.
Alabado said motorists can expect higher prices of petroleum products starting Tuesday after the Organization of the Petroleum Exporting Countries (OPEC) along with Russia and its allies agreed to cut their oil production by an estimated 800,000 barrels a day.
Aside from Ptt Philippines, other independent oil firms Phoenix Petroleum Philippines, Unioil Philippines, Seaoil Philippines and major players Pilipinas Shell, Petron Corporation and Chevron Philippines are expected to raise price of their respective petroleum products.
Despite the price hike, Alabado said Ptt Philippines was still committed to their mission to provide social responsibility programs on education, environment and natural resources including sustainable development through livelihood projects, poverty alleviation and social progress undertakings.