MANILA -- After back-to-back price rollbacks this month, pump prices are set to pivot in the opposite direction as local oil companies announced they will be raising prices once again in a bid to keep up with international crude price swings.
Petron, PTT Philippines, Seaoil, Petro Gazz, and Flying V were the first to send out announcements that they will be increasing the prices of unleaded gasoline by PHP0.90 per liter, diesel by PHP0.80 per liter, and kerosene by PHP0.75 per liter.
Other oil companies have yet to make formal announcements about the impending price hike but are expected to do so within the day or they may simply make the upward adjustment without fanfare, as has been the case in the past.
Oil executives have been quoted as saying that the latest oil price hike simply tracks the current direction of the world crude market, which is being reflected locally.
They emphasized that this upward price adjustment is "revenue neutral" for local oil firms because it does not affect their bottom line. (PNA)
