MANILA – With soaring world crude prices as a backdrop, local oil companies get set to implement a big time increase in pump prices effective 6 a.m. Tuesday, Oct. 2.
In separate announcements, oil firms said prices of diesel will increase by PHP1.35 per liter, unleaded gasoline by PHP1 per liter, and kerosene by PHP1.10 per liter.
Earlier, Petron announced an increase of PHP2.35 per kilogram of LPG effective 12:01 a.m., October 1. It also implemented a price increase of PHP1.30 per liter of autoLPG.
Oil executives said the impending price hike reflect movements in the international petroleum market, and are simply being passed on to the consumers.
Fears are running high that the USD100 per barrel level is just around the corner again, the first time since 2014, analysts said. A confluence of factors, at the top of which are geo-political uncertainties created by US sanctions on Iran, are now driving oil prices skyward, they added. ( Ma. Cristina Arayata /PNA)
