Oil companies renew price hike Tuesday
-A A +ATuesday, July 10, 2012
MANILA -- Oil companies increased the price of petroleum products on Tuesday, the first since April when they enforced a series of price rollbacks.
The so-called “Big 3” -- Pilipinas Shell, Petron Corp. and Chevron Philippines (formerly Caltex) -- as well as independent oil companies Flying V Philippines and Eastern Petroleum raised the price of premium and unleaded gasoline by P1.55 per; regular gasoline by P1.80 per liter; and P1.40 per liter on both diesel and kerosene.
Flying V enforced its price hike at 12:01 a.m. Tuesday; while Shell, Petron, Chevron and Eastern Petroleum enforced the price hike at 6 a.m.
The oil companies cited the movements in the world market as reason for the price hike, which is the first since early April.
On the latter part of April, local oil firms began what turned out to be 13 straight weeks of fuel price cuts.
During that rollback, retail prices for premium fell by as much as P10.50; regular by P11.55; diesel by P8.90 and kerosene by P8.85.
Average fuel prices in Metro Manila are P49 per liter for premium, P38 per liter for diesel and P50 per liter for kerosene. (PNA/Sunnex)
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