PILIPINAS Shell and three of the so-called independent oil industry players spearheaded the announcement of big-time price increase effective today.
Shell, Flying V, PTT, Phoenix, Eastern Petroleum, all pegged the increase in the pump prices of their gasoline and diesel at P1.40 per liter and increase in pump prices for kerosene of Shell, Flying V and Phoenix at P1.45 per liter.
The time of the effectiveness the increase, however, varies from 12:01 a.m. to 6 a.m. today.
The increase was reportedly due to movement of oil prices in the world market.
The big time oil price hike came a week after the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement to cut down production to keep oil prices stable in the world market.
Energy Undersecretary Willian Fuentebella admitted that the cut down in oil production would most likely led to price increase, though he stressed, that such would not be felt until the end of the year but by middle of the month of January next year.
Last November 29, oil companies also implemented a big-time oil price hike or P1.50 increase per liter in pump prices of gasoline, P1.40 in diesel and P1.20 for kerosene.
Records at the Department of Energy showed that the pump prices of diesel is currently pegged from P26.15 to P30.85 per liter, and P34.60 to 45.50 for gasoline.