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Oil firms to implement big-time price increase

AFTER implementing a meager rollback of pump prices last week, local oil firms simultaneously carried out a big-time price increase on their petroleum products effective today, Tuesday.

Major oil firms Pilipinas Shell and Petron Corporation in separate advisories announced an increase of their gasoline products by P1.25 centavos per liter, diesel by P0.90 per liter and kerosene by P0.85 per liter effective at 6 a.m. while Chevron Philippines implemented the same price increase much earlier at 12:01 a.m.

Thai-led PTT Philippines, along with other independent local oil companies such as Total Philippines, Seaoil Philippines, Unioil and Petro Gazz also implemented P1.25 per liter increase of their gasoline products and P0.90 for diesel also at 6 a.m. while Clean Fuel carried out the same price adjustment at 4:01 p.m. Most of them do not sell kerosene products.

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

Publication Source :    People's Tonight