Oil firms hike gasoline prices by 25c/liter

MANILA, Nov. 2 (PNA) –- Oil firms will hike pump prices of gasoline by 25 cents per liter on Tuesday, the Department of Energy (DOE) said Monday.

In an advisory, the department said big oil players such as Pilipinas Shell Petroleum Corp. (PSPC) and Chevron Philippines Inc. (CPI) will increase prices of gasoline by 25 centavos per liter.

Phoenix Petroleum Philippines, PTT Philippines and Petron Corp. said they would also increase gasoline prices by 25 centavos per liter.

Shell, Petron and Chevron will also raise their kerosene products by 10 centavos per liter.

The five firms will implement the price changes at 6 a.m. Tuesday.

The department also stressed there was no advisories for price adjustments for diesel products.

Meanwhile, the DOE said prices of Solane, Gasul and Petronas brands of liquefied petroleum gas (LPG) would also be increased by Php 2.95 per kilogram (kg).

Prices of Liquigaz brand will also be increased by Php 2.50/kg at 12:01 a.m. Tuesday.

In a separate advisory, Eastern Petroleum Corp. said it will implement a Php 2.90 hike for an 11-kilo cylinder of EC Gas starting 6 a.m. Tuesday.

The independent player noted the total price hike amounted to Php 31.90 for an 11-kilo cylinder, which brings the common price of its cylinders to Php 590.55 to Php 610.55.

The oil firm said the increase reflected the upward movement during the close of last week’s trading in the world oil market.

For the LPG price hike, Eastern Petroleum said it was pushed by the increase in the international contract price for LPG last month. Juzel L. Danganan/PNA