Fuel prices to hike Tuesday

MANILA, Philippines – At least five oil companies on Monday announced that they will increase pump prices effective early Tuesday.

In separate advisories, Phoenix Petroleum Philippines, Eastern Petroleum, Pilipinas Shell, Flying V and Seaoil said they will hike diesel prices by P0.40 per liter while gasoline will be raised by P0.65 per liter except for Flying V which will implement a P0.75-increase per liter.

Only Shell and Seaoil announced increase of kerosene prices both by P0.35 per liter. The price adjustments will take effect 6 a.m. of Tuesday except for Flying V which will apply the petroleum price hike as early as 12 a.m. of Tuesday.

The fuel price increase reflects the five-day trading average gains in international markets, which was slightly mitigated by the impact of the United Kingdom's exit from the European Union, a Philippine News Agency report said.

It added that American oil benchmark, West Texas Intermediate, raised the prices of barrel from $49.96 on Monday to $50.11 per barrel on Thursday.

West Texas Intermediate still declined to $47.64 per barrel on Friday after the Brexit vote. — with reports from Philippine News Agency