MANILA, Philippines — Hefty price hikes amounting to more than P1 per liter were implemented yesterday across fuel products as the Brent crude price breached $80 per barrel last week.
Gasoline prices were raised by P1 per liter, diesel by P1.35 and kerosene by P1.10.
Oil companies raised gasoline prices for the eighth consecutive week and diesel and kerosene prices for the sixth successive week.
Caltex, Eastern Petroleum, Flying V, Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., PTT Philippines Corp., Seaoil Philippines Inc. and Total Philippines Corp. implemented their respective price adjustments at 6 a.m.
UniOil Petroleum Philippines Inc. said its price adjustments were implemented 6:01 a.m.
Meanwhile, Petron Corp. has yet to announce its price adjustment as of this writing.
At the close of last week’s trade, Brent crude climbed to a four-year high, soaring above $80 per barrel, on tightening supply in the world market with US sanctions on Iran, the third largest producer of the Organization of the Petroleum Exporting Countries.
The second round of US sanctions on Iran will take effect on Nov. 4.
Meanwhile, the peso crashed to P54.31:$1 last Tuesday, its lowest since it P54.425:$1 on Nov. 22, 2005.