Oil firms raise price of petroleum products again

PRICES of petroleum products will increase on Tuesday morning, oil firms announced on Monday.

In separate advisories, the oil firms said they will raise gasoline prices by P0.65 per liter, diesel by P0.60 per liter, and kerosene by P0.70 per liter. PTT Philippines, Seaoil and Phoenix Petroleum said they will implement their respective price adjustment at 6 a.m. on Tuesday, May 23.

They said the price adjustment reflects movements in the international petroleum market.

Other oil firms are expected to follow suit. This is the second consecutive oil price hike implemented by the oil firms, which adjust their pump prices on a weekly basis to reflect the true cost of oil products.