• 4 oil firms hike pump prices

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    FOUR oil companies are set to raise the prices of their petroleum products on Tuesday, saying the adjustments are being made to reflect the sustained upward movement of refined petroleum products in the world markets.

    In separate advisories on Monday, Seaoil, Phoenix Petroleum Philippines, PTT Philippines and Eastern Petroleum said they will raise gasoline prices by 70 centavos per liter.

    Diesel prices will increase by 30 centavos per liter, they added.

    Seaoil’s kerosene price is expected to rise by 40 centavos per liter.

    The adjusted oil prices will take effect between 12:01 a.m. and 6 a.m., Tuesday.

    The other major oil companies such as Pilipinas Shell, Petron Philippines and Chevron Philippines have not made any announcement to customers on any price increase.

    But the so-called Big 3 are expected to implement the same price adjustment.

    Last week, the oil firms effected large increases in their petroleum product prices—P1.50 per liter for gasoline and P1 per liter for diesel.

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