OIL companies on Monday said they would raise the prices of gasoline and diesel on Tuesday morning.
In separate advisories, Phoenix Petroleum, Eastern Petroleum, Seaoil Philippines and PTT Philippines will increase the prices of diesel by P0.75 per liter, gasoline by P0.55 per liter and kerosene by P0.85 per liter.
The price adjustment will be implemented at 6 a.m. on Tuesday, May 30.
Other oil firms are expected to follow suit.
This is the third consecutive oil-price hike implemented by the petroleum companies that adjust their pump prices on a weekly basis to reflect the true cost of oil prices.
This week’s price adjustment was brought about by movements in the international petroleum market, particularly the cut in production by oil exporting countries.