OIL companies will increase diesel and gasoline prices by P1.35 and P1.50 per liter, respectively, on Tuesday.
PTT Philippines said it will raise the price of gasoline by P1.50 per liter, and of diesel by P1.35 per liter effective 6 a.m. today.
Eastern Petroleum will also hike the price of its diesel and gasoline by P1.35 and P1.50 per liter, respectively, also at 6 a.m. Tuesday.
Shell and SeaOil will impose the same price adjustments.
They will also increase the price of kerosene by P1.40 per liter.
Energy Secretary Zenaida Monsada said the huge oil price hike was triggered by fears that some oil producers will freeze production.
Another reason is the sudden high demand for petroleum by Vietnam.