Oil companies will adjust petroleum prices starting 12:01 a.m. today. In separate statements, Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil and Shell said they will raise gasoline prices by PHP1 per liter.
This is the second straight week these companies hiked gasoline prices.
The same oil firms will also slash diesel prices by PHP0.10 per liter.
Caltex, Seaoil and Shell will likewise cut prices of kerosene by PHP0.60 per liter.
Other oil players are expected to make the same announcement within the day.
Industry experts are looking at demand in China driving upward adjustments in crude oil prices while United States economic data, especially the rate hikes, is taming the price rally.
Meanwhile, gasoline prices have increased by PHP7.80 per liter since the start of the year, diesel prices have gone up by PHP2.10 per liter and kerosene prices higher by PHP1.25 per liter.*PNA