Oil companies implement major hike in fuel prices
MANILA, Philippines — Local oil companies raised fuel prices for six weeks in a row on Tuesday with the latest increase — the heftiest — at P2.05 per liter for diesel and P1.45 per liter for gasoline as world oil prices hovered near $80 per barrel.
Caltex increased its prices at 12:01 a.m. while Petron, Shell, Seaoil, PTT and Phoenix followed at 6 a.m. Petron, Shell, Caltex and Seaoil likewise raised prices of kerosene by P2.05 per liter.
The six-week run added a cumulative total of P5.65 per liter to the prices of diesel, P4.10 on gasoline and P5.30 on kerosene.
The global benchmark Brent crude oil rose to $79.21 per barrel as of press time, from $78.72 per barrel on Sept. 27.
Dubai crude oil was pegged at $72.61 per barrel as of Sept. 30, climbing from $72.35 per barrel a week earlier.
