‘Big-time’ oil price hikes take effect Tuesday

MANILA — Several oil companies will increase prices of their fuel products for the second week in a row at 6 a.m. on Tuesday (September 24).

In advisories, Seaoil, Petro Gazz, PTT Philippines, Petron Corporation and Flying V said prices of their respective gasoline products will be hiked by PHP2.35 per liter and diesel by PHP PHP1.80 per liter.

Petron, Seaoil, and Flying V will also adjust upwards the price of their kerosene by PHP1.75 per liter.

“These reflect movements in the international market,” Petron said.

These price upticks are results of the similar trend overseas due to supply issues following the drone attacks on government-run oil facilities in Saudi Arabia more than a week ago.

Saudi Arabian authorities, however, said supply is expected to normalize in the near-term.

Meanwhile, the Department of Energy said a team from the Department met with the proposed members of the Oil Contingency Task Force last Sept. 20 to finalize the proposed draft establishing the inter-agency group that would implement contingency measures vis-à-vis the impact of supply issues following the drone attract on Aramco facilities.

“We realize the importance of addressing issues beforehand so that the government may have contingency measures to sustain the country’s economic growth and provide basic services to the people,” Energy Secretary Alfonso Cusi said in a statement.   Joann Villanueva / PNA – northboundasia.com