Oil prices to go up today

MANILA, Philippines - After two straight weeks of price cuts, oil firms started the month with price hikes beginning Tuesday.

First to announce was Pilipinas Shell Petroleum Corp., the local subsidiary of energy giant Royal Dutch Shell, whose price adjustments took effect at 6 a.m. today.

“Please see fuel price movement of Shell effective Tues 0600H, 01 Dec 2015: Gas: (P0.45/L), kero: (P0.10/L), diesel: (P0.20/L),” Shell said in a text advisory.

Phoenix Petroleum Philippines Corp. also implemented a similar price hike on diesel and gasoline products, which took effect 6 a.m. today.

“Phoenix Petroleum Philippines will increase the prices of gasoline by P0.45 per liter and diesel by P0.20 per liter effective 6 a.m. of 01 December 2015 due to higher prices of refined petroleum products in the international market,” Phoenix said.

Other oil firms have yet to announce their respective price adjustments as of press time.

Year-to-date, total adjustments for gasoline are a net increase of P0.21 per liter while diesel has a net decrease of P3.26 per liter.