Another big-time oil price hike implemented today

October 01, 2018

FOR seventh consecutive weeks, local oil companies announced another big-time increase on their respective fuel prices which will take effect today.

Major oil firms Pilipinas Shell, Petron Corporation and Chevron Philippines raised their prices on diesel at P1.35 per liter, gasoline by P1.00 and kerosene by P1.10, effective at 6 a.m. today.

Earlier, Phoenix Petroleum, Total Philippines, Flying V, PTT Philippines, Unioil and Jetti Oil also announced the increase of their pump prices at the same increments while other independent players have yet to announce their advisories as of press time but they are likely to follow suit.

Oil industry sources said the continued spiking of international oil prices, the US sanction on Iran, the political crises involving major oil producers and the weakening of peso have caused domestic prices to climb.