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Oil firms to implement another price hike

  • Written by Jeffrey C. Tiangco
  • Published in Metro
  • Read: 178

OIL companies are again set to implement another round of oil price hike, the 11th in the series that started last August, oil industry insiders said yesterday.

The insiders said the increase would range from P0.10 to P0.20 per liter in gasoline, diesel and kerosene.
   
The insiders said the increase would likely be announced today or a second after the clock strike at 120 a.m. the following morning or Tuesday.
   
The increase is reportedly due to movement of oil prices in the world market.
   
Last week, oil companies implemented a “dagdag-bawas” price scheme in their petroleum products or a P0.20 per liter increase in pump prices of gasoline and P0.10 in diesel, while P0.15 decrease in kerosene.
   
Consumer groups, however, expressed concern over the impending increase in prices of kerosene.
   
They cited an earlier Department of Trade Industry (DTI) announcement freezing prices of kerosene, considered as consumer commodity, due to the implementation of state of emergency following the bloody Davao bombing.