MANILA, Philippines - Petroleum companies will raise pump prices by over P1 per liter across all fuel products in the country starting today.
The increase came after global oil prices surged last week.
Pilipinas Shell Petroleum Corp. has set a P1.40 per liter increase on gasoline and diesel, and P1.45 per liter on kerosene starting 6 a.m.
In a separate text advisory, Flying V said it would implement the same price hike, taking effect at 12:01 a.m.
Meanwhile, Phoenix Petroleum Philippines and PTT Philippines will also raise gasoline and diesel prices by P1.40 per liter effective 6 a.m.
Eastern Petroleum Corp., Petron Corp., SeaOil Philippines Inc. and UniOil Petroleum Philippines Inc. have yet to make an announcement as of press time but are expected to implement similar price adjustments.
Last week, international oil prices surged by over $50 per barrel on optimism that non-Organization of Petroleum Exporting Countries (OPEC) members will also agree to cap supply.
Reuters reported that the OPEC oil ministers were scheduled to meet non-OPEC producers in Vienna last Saturday to strike a deal and seek help in curbing a global glut.
This follows the Nov. 30 decision of OPEC members to limit oil production starting next year to bolster international oil prices.