FOR two consecutive weeks, oil firms will implement another oil price hikes effective today.
Major oil companies Pilipinas Shell, Petron Corporation and Chevron Philippines in separate advisories said they will hike prices of gasoline by P1.05 per liter, diesel by P0.75 and kerosene by P0.60 effective at 6 a.m. today.
PTT Philippines, Petro Gazz, Eastern Petroleum, Unioil Philippines, Seaoil, Phoenix Petroleum and Total Philippines will also implement similar increases, excluding kerosene which they do not sell.
Energy sources said the new oil price increase has nothing to do with the Lenten season where motorists are expected to travel in their respective provinces.
The continued sanctions imposed by the United States of America to Venezuela and Iran, the cutback in production of the Organization of the Petroleum Exporting Countries (OPEC) and the high global demand for petroleum have caused domestic prices of petroleum products to climb.