Oil firms to hike pump prices Tuesday

MANILA-- Flying V, Phoenix Petroleum Philippines and PTT Philippines will increase gasoline and biodiesel prices by PHP1.40 per liter Tuesday.

Flying V said it will also hike its kerosene prices by PHP1.45 per liter.

Flying V will implement the price changes at 12:01 a.m., while Phoenix Petroleum and PTT Philippines will apply the movements at 6 a.m., according to separate advisories from the oil companies on Monday.

The Energy Department's oil monitor in Metro Manila noted that diesel prices currently ranges from PHP26.15 to PHP30.85 per liter and gasoline prices ranges from PHP34.60 to PHP45.60 per liter.

For the year, diesel prices had a net increase of PHP7.18 per liter and gasoline prices, PHP5.64 per liter.

International crude market prices skyrocketed on Monday, as non-OPEC producers decided to join the production cut of the oil cartel over the weekend. The non-OPEC countries will reduce production by 558,000 barrels per day, which would help reduce the oil glut.

The Organization of the Petroleum Exporting Countries meanwhile agreed to cut output by 1.7 million barrels per day.

Source: Philippines News Agency