Oil firms to hike pump prices Tuesday

MANILA — Oil companies will hike pump prices by more than PHP1.00 per liter effective Tuesday morning.

Eastern Petroleum Corp., Flying V, Seaoil Philippines Inc. and Chevron Philippines Inc. (CPI) or Caltex announced that prices for both diesel and kerosene will increase by PHP1.45 per liter while gasoline prices will go up by PHP1.35 per liter.

Phoenix Petroleum Philippines and PTT Philippines Corp. will also increase pump prices of its gasoline and diesel by PHP1.45 and PHP1.35 per liter, respectively.

According to the oil companies, the increase in oil prices reflects the movement of prices in the international petroleum market.

As of August 16, data from the energy department showed that common price of diesel was at PHP25.85 per liter while PHP39.05 for gasoline. PNA/northboundasia.com