Oil price hike takes effect today

Motorists were welcomed by a shock this morning as various oil companies announced new prices as price hike takes effect today. At 6:01 am today, prices rose P0.35 per liter for gasoline, P0.55 per liter for kerosene, and P0.40 per liter for diesel and biodiesel for majority of the oil companies in the Philippines. The adjustments have been made “to reflect movements in the international petroleum market” as stated by SeaOil Philippines Inc in a report.

 

 

Some oil companies, like Petron Corp., have not yet announced the price adjustments, but it is expected it to be between P24.75 and P29.60 per liter for diesel, and 36.35 to 43.45 for gasoline, almost the same as the others.

Were you surprised at how the oil prices rose this morning?

 

Sources: Yahoo News; Alvin Elchico via Twitter