Oil firms hike gas, diesel prices

MANILA, Philippines - Oil companies raised gasoline and diesel prices effective yesterday morning, ending a series of rollbacks and marking the first price adjustment for September.

In separate announcements late Monday and yesterday morning, oil firms said they would raise prices of gasoline by P0.65 per liter and diesel by P0.25 per liter.

Petron Corp., the country’s biggest oil refiner, issued the first announcement followed by other oil players, Pilipinas Shell Petroleum Corp., Phoenix Petroleum and PTT Philippines.

“Petron will implement the following price adjustments (VAT inclusive) effective 6 a.m., Sept. 2: increase of P0.25 per liter for diesel, P0.65 per liter for gasoline and P0.15 per liter for kerosene. We will rollback LPG by P0.70 per kilogram and autoLPG by P0.39 per liter at the same time. These reflect movements in the international oil market,” Petron said.

“Phoenix Petroleum Philippines increased the prices of gasoline by P0.65 per liter and diesel by P0.25 per liter effective 6 a.m. of Sept. 2 to reflect the upward movement in the prices of refined petroleum products in the international market,” Phoenix Petroleum also said.