Oil firms to hike gas prices by PHP1.50/ltr, diesel by PHP1.20/ltr

Oil firms to hike gas prices by PHP1.50/ltr, diesel by PHP1.20/ltr

MANILA — Oil companies will increase gas prices by PHP1.50 per liter and diesel prices by PHP1.20 per liter Tuesday, following the trend in global markets last week due to the upcoming meeting of Organization of the Petroleum Exporting Countries (OPEC) to discuss the production cap on Monday.

In separate advisories, Phoenix Petroleum Philippines and Flying V said they will apply the changes at 12:01 a.m. and 6 a.m., respectively.

Flying V will also hike its kerosene prices by PHP1.40 per liter.

The Energy Department’s oil price monitor in Metro Manila bared that diesel prices range from PHP25.75 to PHP29.32 per liter and gasoline prices range from PHP34.60 to PHP44.10 per liter.

The global crude market has suffered from a glut since 2014, leading to a drop in prices. PNA-northboundasia.com