Fuel prices hiked

February 11, 2019
Oil Price

AFTER a minor price rollback last week, local oil firms are set to hike prices of their petroleum products effective today.

Major oil firms Petron Corporation, Pilipinas Shell, Chevron Philippines and independent oil companies PTT Philippines, Eastern Petroleum, Phoenix Petroleum and Petro Gazz simultaneously announced yesterday that they will raise prices of gasoline by 90 centavos per liter, diesel by 85 centavos per liter and kerosene by 85 centavos per liter effective today at 6 a.m.

Other independent oil players have yet to announce their respective price increase but they are expected to make the same price adjustments.

Oil industry sources said the economic crisis in Venezuela and the reduction of oil supply to the world market by Saudi Arabia reflect the changes in local oil prices.