AFTER raising pump prices last week, local oil companies will again implement today another round of price increases which is their sixth consecutive price hike since last month.
Independent oil firm PTT Philippines and major oil player Pilipinas Shell were first to announce that they would implement the price increase of gasoline and diesel by 70 centavos per liter and 35 centavos for kerosene effective at 6 a.m. today.
Big oil companies Petron Corporation and Chevron Philippines and independent oil firms Total Philippines, Eastern Petroleum, Unioil Philippines, Petro Gazz, and Phoenix Petroleum also unleashed their fuel price increases at the same increments also at 6 a.m. today.
Other petroleum companies have yet to announce an adjustment as of press time, although energy sources said they would likely adjust their own prices.
Sources said this week’s higher fuel prices in the world market were an offshoot of the production cut by the Organization of the Petroleum Exporting Countries (OPEC) and the United State’s continued sanctions on Venezuela and Iran.