Oil prices hiked P0.25

THE country’s oil firms raised pump prices by as much as P0.25 per liter effective Tuesday to reflect the movement of prices at the world oil market.

The oil firms raised gasoline prices by P0.25 per liter, diesel by P0.25 per liter and kerosene by P0.20 per liter, purportedly to reflect movements in the international oil market.

Other oil firms that raised prices includes PTT Philippines, Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines, Seaoil Philippines, among others.

The market has been eagerly awaiting the result of talks between the Organization of Petroleum Exporting Countries and non-Opec member countries for a possible production freeze in light of the global oil oversupply.

Topics: Oil prices
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