Oil firms set hefty hikes in prices

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MOTORISTS may have to brace for higher pump prices.

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Pilipinas Shell Petroleum Corp., Caltex (Chevron Corp.), PTT Philippines Corp., Phoenix Petroleum Philippines, Flying V and Eastern Petroleum Corp. on Monday announced that they will raise retail prices, effective Tuesday, February 23.

In separate advisories, Shell, Caltex, Phoenix Petroleum, PTT Philippines, Eastern Petroleum and Flying V said prices of diesel will go up by P1.30 per liter and gasoline by P0.95 per liter.

Kerosene prices will be increased by P1.30 per liter by Shell, Caltex and Flying V.

The price hikes take effect at 6 a.m. on Tuesday, except those to be imposed by Flying V that start at 12:01 a.m.

Latest figures from the Energy department show that diesel prices in the country range between P18.15 and P21.55 per liter and gasoline prices, between P29.90 and P37.70.

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