Oil firms hike pump prices anew

MANILA, Philippines - Oil companies implemented yesterday another round of oil price hikes.

Pilipinas Shell Petroleum Corp. was the first to announce an increase of 50 centavos per liter for gasoline and 20 centavos per liter for diesel.

Major oil players Petron Corp. and Caltex Philippines implemented similar price adjustments to reflect movements in the global crude market.

PTT Philippines, the local subsidiary of Thailand’s biggest oil company, raised prices of gasoline by 55 per centavos per liter and diesel by 20 centavos per liter.

Phoenix Petroleum and Seaoil Philippines issued similar announcements.

Last week, oil firms hiked gasoline prices by 60 centavos per liter but cut diesel prices by 35 centavos per liter.

Based on the Department of Energy’s latest oil price monitoring, diesel prices are now at P41.85 to P45.25 per liter. Gasoline prices range from P49.25 to P55.35 per liter.