Firms impose 2nd wave of oil price hikes

May 18, 2020

BIG and small oil companies imposed their second wave of big-time fuel price increases effective today, Tuesday.

Major oil firms Pilipinas Shell, Petron Corporation and Chevron Philippines raised their prices of gasoline products by P1.25 per liter, kerosene by P2.35 per liter and diesel by P0.55 per liter  effective at 6 in the morning today.

Independent oil players PTT Philippines, Petro Gazz, Flying V, Unioil Philippines, Seaoil, Phoenix Petroleum and Total Philippines in their separate advisories also moved their pump prices at 6 a.m. today.

Thai-led PTT Philippines communication officer Jhay Julian noted that the hefty increase of local pump prices was the result of production cut by oil producing countries and the temporary maintenance shutdown of oil refineries.