Oil firms hike gas prices by P2

MANILA, Philippines, May 12 ------ Oil companies are implementing hefty fuel price hikes today as global oil prices have started to recover in the past two weeks. Gasoline prices would be increased by P2 per liter, diesel by P1.90 per liter and kerosene by P1.25 per liter. In separate advisories, Flying V, Petro Gazz, Petron Corp., Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., PTT Philippines and Sea­oil Philippines said their price adjustments would take effect at 6 a.m. today. Meanwhile, Cleanfuel said it would raise pump prices at 4:01 p.m. In the past trading week, global oil prices climbed for the second consecutive week. Easing lockdown measures in some European and Asian countries along with several US states, as well as output cuts from US oil producers, propped international oil prices last week, Reuters reported. This is the second week local firms are raising gasoline prices. Oil companies raised gasoline prices by P0.75 per liter while diesel prices were rolled back by P0.10 per liter, and kerosene prices by P0.60 per liter last week. This brought year-to-date adjustments to stand at a net decrease of P14.52 per liter for gasoline, P16.99 per liter for diesel and P22.50 per liter for kerosene. Source: philstar.com