Independent oil players raise pump prices by P1

Independent oil players Flying V, Eastern Petroleum and Seaoil have raised prices of gasoline, diesel and kerosene products by P1 a liter as world oil prices rose.

The oil price hike came just a few days after the Department of Energy said Executive Order (EO) 850 which took effect on January 1 should bring down the price of oil by 70 centavos.

EO850 slashes tariff off 1,500 goods--including imported petroleum products--from three to zero percent.

Flying V spokesperson Joey Cruz said the latest price hike has yet to take to consideration the impact of EO850.

"We have yet to reflect the benefit from the tariff reduction. The tariff cut took effect January 1 and we have not imported (oil products) after January 1," Cruz said in a Philippine Star report.