Oil firms to hike gas prices by 10 centavos per liter

Oil firms to hike gas prices by 10 centavos per liter

MANILA — Three oil firms will hike gas prices by 10 centavos per liter Tuesday, after two consecutive weeks of rollbacks.

In separate advisories, Flying V and Seaoil Philippines Inc. said they will apply the increase at 12:01 a.m., while PTT Philippines will implement the change at 6 a.m.

The firms, meanwhile, noted no movement in diesel prices.

Seaoil and Flying V added they will not change the price of kerosene.

On Monday, global oil prices saw increases as the Organization of the Petroleum Exporting Countries (OPEC) are scheduled to meet on Nov. 30 to discuss the potential production freeze, which is expected to prevent further oversupply.

According to the energy department’s oil price monitor for Metro Manila, diesel prices currently range from PHP25.75 to PHP29.32 per liter. It has a common price of PHP26.65 per liter.

Gasoline prices, on the other hand, range from PHP35.40 to PHP44.10 per liter and has a common price of PHP42.08.

For the year, gasoline had an increase of PHP4.04 per liter and diesel a hike of PHP5.98 per liter. Juzel Danganan/PNA-northboundasia.com