PILIPINAS Shell, one of the oil giants in the country, and two so-called independent oil industry players, spearheaded the announcement of the implementation of a big time oil price hike effective today.
Shell pegged the increase in pump prices of their gasoline at P1.50 per liter, P1.40 in diesel, and P1.20 for kerosene. The increase took effect at 6 a.m. today.
Phoenix Petroleum Philippines and Flying V, on the other hand, also announced an oil price hike in their petroleum products adopting the same price increase that took effect at 12:01 a.m. today.
The increase was allegedly due to movement of oil prices in the world market and the weakening of peso against the dollar.
The increase is the second for this month after last week increase of P0.10 per liter in gasoline.