MANILA, Philippines - Oil companies jacked up fuel prices today by over P1 per liter following the peso depreciation and the anticipation that the Organization of Petroleum Exporting Countries (OPEC) will agree on cutting production to bolster global prices.
Pilipinas Shell Petroleum Corp. has set a P1.50 per liter increase on gasoline, P1.40 per liter rise on kerosene and P1.20 per liter hike on diesel starting 6 a.m.
The same price adjustments will be implemented by SeaOil Philippines Inc. across fuel products also at 6 a.m.
Flying V’s price hike will take effect at 12:01 a.m.
Petron Corp. has yet to make an announcement as of this writing, but it is expected to implement similar price adjustments.
In separate text advisories, Eastern Petroleum Corp., Phoenix Petroleum Philippines and PTT Philippines implemented an increase of P1.50 per liter on gasoline and P1.20 per liter on diesel effective 6 a.m.
UniOil Petroleum Philippines Inc. implemented the same price adjustments on its EuroDiesel and EuroGasoline products effective 6:01 a.m.