MANILA, Philippines – At least five oil companies on Monday announced an increase in pump prices effective Tuesday.
The five oil firms scheduled to adjust gasoline and diesel prices are Flying V, Eastern Petroleum, Phoenix Petroleum, Shell, and Seaoil.
All five firms will hike gasoline prices by P1.50 per liter and diesel prices by P1.35 per liter. On the other hand, only Flying V, Seaoil, Phoenix Petroleum, and Shell will raise kerosene prices by P1.40 per liter.
Flying V will be the first to implement price hike by 12:01 a.m. on Tuesday while others will apply price the increase by 6 a.m. on Tuesday.
The Department of Energy (DOE) said the oil price hike was pushed by the demand for petroleum products in Vietnam. It added that the expectation of oil producers that there will be a “production freeze” also contributed to the price hike.
Meanwhile, the Department of Trade and Industry and DOE said the adjustment on pump prices has an effect to the basic necessities of the public.