BIG and small oil companies unleashed their second wave of fuel price increases effective today, Tuesday.
Independent oil firms PTT Philippines, Petrogazz, Seaoil Philippines and Unioil raised their gasoline prices by P0.30 per liter and diesel by P0.55 per liter effective at 6 a.m. today. Small oil players do not sell kerosene products.
Meanwhile, major oil companies Petron Corporation, Pilipinas Shell and Chevron Philippines, as well as Phoenix Petroleum, the country’s largest independent oil player implemented the same set of hikes on their products also at 6 a.m. today, including P0.45 per liter increase on their kerosene products.
Other oil firms have yet to announce an adjustment as of press time, although they are expected to issue similar announcements.
Energy sources said the continued cutting of supplies by major oil producing countries and geopolitical issues affects the world prices of crude oil.