THE public is again in for another belt tightening measure as oil companies implemented the eighth oil price hike effective today.
Pilipinas Shell and Chevron (Caltex) Philippines, two of the three oil giants in the country, Phoenix Petroleum Philippines, Unioil and Flying V, three of the so-called independent oil industry players, spearheaded the announcement of the implementation of the increase though the time of effectiveness varies from 12:01 to 6 a.m.
The oil companies pegged the increase in pump prices for gasoline at P0.85 per liter and P1.55 per liter both in diesel and kerosene.
The increase was allegedly due to movement of oil prices in the world market.
The last time oil companies implemented a big-time price hike was last August 23, pegging the increase at P1.45 per liter both in diesel and kerosene while no increase for gasoline.