OIL firms are set to implement another large hike in pump prices today.
In separate advisories, Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. said they will hike prices per liter of gasoline by P2.60, diesel by P1.70, and kerosene by P1.90.
Cleanfuel will implement the same changes, excluding kerosene which it does not carry.
The adjustments will take effect at 6 a.m. today for all the firms except for Cleanfuel, which will adjust prices at 4:01 p.m. the same day.
The hikes follow massive cuts in production by the Saudi-led Organization of Petroleum Exporting Countries (OPEC) and Russia.
Price increases in fuel were partly responsible for pushing inflation to 14-year highs in the past few months.
Finance secretary Benjamin Diokno however has downplayed the impact of the OPEC production cuts saying he still expects inflation to have already peaked.
Latest data available from the Department of Energy indicate a year-to-date net increase of P6.05 per liter for gasoline, and net decreases of P3.65 per liter for diesel, and P5.35 per liter for kerosene. (ABS-CBN News)
