UPDATE: Oil firms announce price hike effective Tuesday

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OIL companies will jack up pump prices of gasoline, diesel, and kerosene on Tuesday.

Flying V will raise the price of gasoline by 40 centavos per liter and 40 centavos and 50 centavos per liter for diesel and kerosene at 12:01 a.m. effective on Tuesday.

Eastern Petroleum, Flying V, Phoenix Petroleum, and Pilipinas Shell will increase the price of gasoline by 40 centavos per liter effective 6:00 a.m.

The same companies will also increase the prices of diesel and gasoline by 40 centavos and 50 centavos per liter at 6:00 a.m.


Rodela Romero, assistant director of the Oil Industry Management Bureau of the Department of Energy (DOE), attributed the price increases to the disruption of supply caused by Hurricane Harvey that struck Texas in August.

Eleven refineries, which produce about three million barrels per day in the US, were shut down due to the hurricane. Jordeene Lagare

 

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