By Lenie Lectura - February 20, 2017
OIL firms on Monday again announced a price increase in gasoline products, raising by P0.25 per liter and kerosene by P0.15 per liter effective February 21.
The price adjustment will take effect at 6 a.m., according to the respective advisories of Seaoil Philippines, PTT Philippines, Phoenix Petroleum and Eastern Petroleum Corp.
“This is to reflect movements in the international petroleum market,” the oil companies said.
Other oil firms are expected to follow suit.
This is the third consecutive price increase for oil prices this month.
On February 14 a P0.20-per-liter increase in diesel and P0.10-per-liter hike in kerosene were implemented.
A week before that, gasoline products increased by P0.50 per liter, and P0.30 per liter for diesel and kerosene, respectively.
Oil firms implement their respective price adjustment on a weekly basis to accurately reflect price movement in the international oil market.