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3rd round of oil price hike today

  • Written by Jeffrey C. Tiangco
  • Published in Metro
  • Read: 269

THE third round of oil price hike for this month takes effect today as two of the country’s oil giants and four so-called independent oil industry players spearheaded the implementation of the price increase.

Pilipinas Shell and Chevron (Caltex) Philippines as well as Phoenix Petroleum, Eastern Petroleum, Seaoil, and Flying V, pegged the increase in their petroleum products at P0.50 per liter in pump prices of their gasoline, P0.15 in diesel and P0.20 in kerosene.
The price hike of these oil companies, except Eastern Petroleum, which increase took effect at 12:01 a.m., is effective at 6 a.m. today.
Though the time of implementation for the oil price increase varies, the price hike adopted by these oil companies is noticeably the same that only suggest collusion if not price manipulation contrary to the intent of the Oil Deregulation Law.
The increase was reportedly due to movement of oil prices in the world market.
The third oil price increase this month came a week after the implementation of big-time oil price hike of P1.45 per liter in pump prices both in diesel and kerosene and P1.35 in gasoline.
The latest price hike came at the heels of six consecutive weeks of rollback that started last July 4.