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Petron, Shell, Chevron to impose oil price hike Tuesday means BUSINESS

MANILA, Philippines - The so-called "Big 3" oil companies announced on Monday night they will jack up the price of their fuel products again on Tuesday.

In separate text advisories sent to the Philippine News Agency, Petron Corp., Pilipinas Shell and Chevron Philippines (formerly Caltex) said they will implement the same increase of P.70 per liter for gasoline products, and P.40 for diesel and kerosene effective at 6 a.m. Tuesday.

Petron, in its price advisory sent to PNA, said the price hike “reflects movements in the international oil market”.

The hike is the fourth consecutive adjustment in as many weeks that the prices of fuel products have been increased at the pump.

As of this posting, other oil companies have yet to announce their respective adjustments.

Last May 27, oil companies jacked up the price of gasoline by P.30 per liter, diesel by P.40 per liter and kerosene by P.45 per liter.

Based on data of the Department of Energy (DoE), the average price of diesel as of May 28 stood at P39.55 per liter while that of gasoline was pegged at P49.40 per liter in Metro Manila.