Oil firms to hike pump prices Tuesday

MANILA — Oil firms will hike pump prices Tuesday, pushed by higher prices in the international markets.

In separate advisories Monday, Petron Corp., Pilipinas Shell Petroleum Corp., Seaoil Philippines Inc., Phoenix Petroleum Philippines and PTT Philippines said they will increase diesel prices by PHP1 per liter and gasoline prices by PHP1.20 per liter at 6:00 a.m., Tuesday.

Petron, Shell and Seaoil will also hike kerosene prices by PHP1.25 per liter.

Phoenix Petroleum noted the higher prices was due to “higher crude prices brought about by tensions in Nigeria and the wildfire in Canada.”

Both countries are oil producers despite their difference in method, Canada gets oil through fracking, while Nigeria uses the conventional method. Nigeria is a member of the Organization of Petroleum Exporting Countries since 1971.

With the increase, diesel prices in Metro Manila will range from PHP24.75-29.60 per liter and gasoline will range from PHP36.35-43.45 per liter. PNA/northboundasia.com