MANILA, Philippines (Eagle News) — Oil companies will hike pump prices by more than Php 1.00 per liter effective Tuesday (August 23) morning.
Eastern Petroleum Corp., Flying V, Seaoil Philippines Inc. and Chevron Philippines Inc. (CPI) or Caltex announced that prices for both diesel and kerosene will increase by Php 1.45 per liter while gasoline prices will go up by Php 1.35 per liter.
Phoenix Petroleum Philippines will also increase pump prices of its gasoline and diesel by Php 1.45 and Php 1.35 per liter, respectively.
According to the oil companies, the increase in oil prices reflects the movement of prices in the international petroleum market.
As of August 16, data from the energy department showed that common price of diesel was at Php 25.85 per liter while Php 39.05 for gasoline.