Oil firms set to hike fuel prices this week

Motorists may have to deal with higher fuel prices this week as some oil companies are set to raise prices of their petroleum products, a television report said Sunday.

Citing oil industry sources, GMA News' Julius Segovia reported on "Balitanghali" that oil price hike could be at P0.50 per liter.

Oil companies had cited movements in world prices as reason for the looming oil price hike.

Meanwhile, members of the Pagkakaisa ng mga Samahan ng Tsuper at Operators Nationwide (PISTON) said the planned oil price hike has no basis, noting that tension in Syria has subsided, the report added.

Also it said PISTON, which is set to conduct a protest action against the three major oil companies on Tuesday, urged the government to set a P6/liter discount for all public-transportation vehicles in the country.

However, the Department of Energy had said it is reluctant to approve the request, the report added.

On the other hand, transport group Alliance of Concerned Transport Operators (ACTO) said it's about time for a P2 increase in current fare rates.

ACTO likewise asked for a 50-centavo provisional fare increase from the LTFRB, while the board is still deliberating on its petition for a fare hike, the report said. — Amanda Fernandez /LBG, GMA News