A week after oil prices were rolled back, big and small oil companies are raising prices of petroleum products starting today.
Petron Corporation, Pilipinas Shell and Chevron Philippines hiked prices of gasoline by P0.65 centavos per liter, diesel by P0.30 centavos per liter and kerosene by P0.40 centavos per liter.
Independent oil firms PTT Philippines, Clean Fuel, Petro Gazz, Phoenix Petroleum, Total Philippines and Eastern Petroleum announced the same price adjustments.
Oil industry sources said global demand for crude oil was a major factor in the move to increase local pump prices.
Before local oil firms rolled back the prices of gasoline and kerosene last week, prices of fuel saw increases from P8 to P10 in nine consecutive weeks of price hikes.