Oil companies impose hefty price hikes

MANILA, Philippines — In separate advisories, oil firms announced gasoline prices would be raised by P1.05 per liter, diesel prices by P0.70 and kerosene by P0.70 per liter.

Caltex Philippines said it implemented its price adjustments across fuel products at 12:01 a.m. today.

Eastern Petroleum, Petro Gazz, Phoenix Petroleum Philippines, Pilipinas Shell Petroleum Corp., PTT Philippines and Total Philippines raised pump prices at 6 a.m.

Other oil companies have yet to announce their respective price increases.

During last week’s trading, global oil prices jumped to near six-week highs as US oil producers in the Gulf of Mexico reduced their output by over half, amid a tropical storm, Reuters reported.

Continuing Middle East tensions also propped up prices last week. These pushed Brent Crude over $66 per barrel.

This is the fourth consecutive week gasoline prices were increased.

Last week, oil companies raised gasoline prices P0.25 per liter, while diesel prices were reduced by P0.40 per liter and kerosene by P0.35 per liter.

Based on Department of Energy data, year-to-date adjustments stand at a net increase of P5.15 per liter for gasoline, P3.30 per liter for diesel and P1.75 per liter for kerosene.