TWO more independent oil players -- Phoenix Petroleum and Seaoil Philippines -- increased the prices of their petroleum products as a result of increase in international market.

Both companies said they will hike the prices of diesel, gasoline, and kerosene by P1 per liter.

Phoenix’s price adjustment will take effect 12:01 a.m. of Wednesday while that of Seaoil starts 6 a.m. Wednesday.

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As of January 8, Dubai crude was pegged at US$80 per barrel higher than the US$75 per barrel average for the month of December.

Unleaded gasoline also hits US$89 per barrel this month as compared to US$82 per barrel last month while diesel reached US$88 per barrel as against the US$82 per barrel in December.

Price surveillance conducted by the Energy department showed that unleaded gasoline are sold between P41 to P45 per liter, diesel at P32 to P35 per liter and kerosene at P40 to P45 per liter.

Flying V, one of the country’s leading independent oil player, was the first to implement the price adjustment.

Other oil companies including oil giant Pilipinas Shell Petroleum Corp., Petron Corp., and Chevron Philippines are expected to follow suit. (MSN/Sunnex)