Petron Corp., Pilipinas Shell Petroleum Corporation and Chevron Philippines’ (formerly Caltex) implemented a P1 (one peso) increase on the prices of its gasoline, diesel, kerosene and LPG effective earlier this morning. Also, Total (Philippines) Corp. followed the three major oil companies on their price hike for their petroleum products.
Oil companies said they need to recover P7.00 per liter in the prices of their products. But this is assuming that oil prices in the world market do not shoot up again.
Last Tuesday, local oil companies indicated that price hikes in petroleum products will likely continue and may even increase in frequency in the coming weeks as oil production costs continue to soar in the world market.
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