Fuel firms make hefty price hike

February 25, 2019
Oil Price

BIG and small oil companies jacked up their prices anew, marking the seventh consecutive week of price increases since the beginning of the year.

In separate advisories yesterday, Pilipinas Shell, Petron Corporation and Caltex Philippines said they will increase their prices of gasoline and diesel by P1.45 per liter and kerosene by P1.35 per liter effective at 6 a.m. today, Tuesday.

PTT Philippines communication officer Jhay Julian also announced a similar price adjustment, along with Petro Gazz, effective at 6 a.m. today.

Other oil firms have yet to announce their price adjustments as of press time but energy sources said they are also expected to follow suit.

Last week, gasoline and diesel prices were increased by 70 centavos per liter and kerosene by 35 centavos per liter.

Oil firms said the increase is due to the continued reduction of Saudi Arabia of its crude output that resulted in the changes in the international oil market.