By Danessa Rivera (The
Philippine Star) | Updated December 13, 2016 - 12:00am
MANILA, Philippines -
Petroleum companies will raise pump prices by over P1 per liter across all fuel
products in the country starting today.
The increase came
after global oil prices surged last week.
Pilipinas Shell
Petroleum Corp. has set a P1.40 per liter increase on gasoline and diesel, and
P1.45 per liter on kerosene starting 6 a.m.
In a separate text
advisory, Flying V said it would implement the same price hike, taking effect
at 12:01 a.m.
Meanwhile, Phoenix
Petroleum Philippines and PTT Philippines will also raise gasoline and diesel
prices by P1.40 per liter effective 6 a.m.
Eastern Petroleum
Corp., Petron Corp., SeaOil Philippines Inc. and UniOil Petroleum Philippines
Inc. have yet to make an announcement as of press time but are expected to
implement similar price adjustments.
Last week,
international oil prices surged by over $50 per barrel on optimism that
non-Organization of Petroleum Exporting Countries (OPEC) members will also
agree to cap supply.
Reuters reported that
the OPEC oil ministers were scheduled to meet non-OPEC producers in Vienna last
Saturday to strike a deal and seek help in curbing a global glut.
This follows the Nov.
30 decision of OPEC members to limit oil production starting next year to
bolster international oil prices.
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