MANILA — The consuming public will be digging deeper into their pockets to fill their transportation needs after local oil companies announced a moderately substantial hike in the retail prices of petroleum products set to take effect 6 a.m. on Tuesday (May 30).
In separate advisories, Pilipinas Shell, PTT Philippines and Phoenix Petroleum said unleaded gasoline will be going up by PHP0.75 per liter while diesel will be raised by PHP.80 per liter. Firms carrying kerosene will likewise increase its retail price by PHP0.90 per liter.
Last April 23, gasoline prices were also raised by PHP0.10 per liter while there was no movement in the prices of diesel.
An oil executive said that the imminent oil price hike simply reflects the current upward trend in the world crude market, which local oil firms must pass on to the Filipino consumer. “This is just another revenue neutral move that the local oil industry must do on an almost weekly basis,” it was explained.
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