Oil firms hike prices for 2nd straight week

For the second straight week, oil firms on Tuesday hiked the prices of their fuel products, citing increases of oil prices in the world market.

 

While many oil firms started implementing the higher prices at 12:01 a.m., others implemented the hike at 6 a.m., radio dzBB reported early Tuesday.

 

Petron said on its Twitter account it is implementing its price hikes effective 6 a.m.

 

It said the price hikes include:

 

 

"This is to reflect movements in the international oil market," it said.

 

A separate dzBB report said Eastern Petroleum, Shell and Flying V implemented similar price hikes for diesel and gas; and a 30-centavo price hike for kerosene.

 

The dzBB report said Total implemented a price hike similar to Shell, Eastern and Flying V at 6 a.m.

 

Last weekend, Department of Energy Oil Industry Management Bureau director Zenaida Monsada said a new round of fuel price hikes may occur this week.

 

Monsada said this was based on the four-day average of prices in the international market.

 

Last week, oil firms implemented a big-time price hike, snapping a 12-week streak of sorts where oil companies rolled back prices of their products.

 

The rollbacks since April had been enough to prompt a rollback as well in passenger jeep fares, from P8 to P7.50. –KG, GMA News