BIG and small oil companies will raise the prices of their petroleum products effective today after a slight price cut last week.
Pilipinas Shell, Petron Corporation and Chevron Philippines will hike gasoline prices by P0.25 per liter, diesel by 20 centavos and kerosene by P0.10 effective 6 a.m. today.
Independent oil firms PTT Philippines, Seaoil Philippines, Petro Gazz, Total and Eastern Petroleum also unleashed their fuel price increases at the same increments also at 6 a.m. today.
Other oil firms have yet to announce their respective price increase but they are expected to follow suit.
Records of the Department of Energy showed that gasoline have risen by P6.90 per liter, diesel by P4.55 per liter and kerosene by P3.45 per liter since January this year.
Energy sources said the price hike is caused by movements in the international oil market.