Danessa Rivera (The Philippine Star)
- October 2, 2018 - 12:00am
MANILA, Philippines — Hefty price
hikes amounting to more than P1 per liter were implemented yesterday across
fuel products as the Brent crude price breached $80 per barrel last week.
Gasoline prices were raised by P1
per liter, diesel by P1.35 and kerosene by P1.10.
Oil companies raised gasoline prices
for the eighth consecutive week and diesel and kerosene prices for the sixth
successive week.
Caltex, Eastern Petroleum, Flying V,
Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., PTT
Philippines Corp., Seaoil Philippines Inc. and Total Philippines Corp.
implemented their respective price adjustments at 6 a.m.
UniOil Petroleum Philippines Inc.
said its price adjustments were implemented 6:01 a.m.
Meanwhile, Petron Corp. has yet to
announce its price adjustment as of this writing.
At the close of last week’s trade,
Brent crude climbed to a four-year high, soaring above $80 per barrel, on
tightening supply in the world market with US sanctions on Iran, the third
largest producer of the Organization of the Petroleum Exporting Countries.
The second round of US sanctions on
Iran will take effect on Nov. 4.
Meanwhile, the peso crashed to
P54.31:$1 last Tuesday, its lowest since it P54.425:$1 on Nov. 22, 2005.
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