Oil firms to raise pump prices

May 11, 2009


As they say, some good things never last.

Oil companies have started raising pump prices after a series of reductions in the past weeks.

Topping up in stations of Total Philippines, PTT Philippines is now more expensive by P1.50 per liter.

Seaoil Philippines is expected to implement a similar price hike by midnight, while Petron Corp.'s will increase prices by 6 a.m. on May 12.

The P1.50 per liter price increase is for gasoline, diesel and kerosene.

"This is a big increase and happens to be the peak for this year since January. And this is due to the perceived improvement in the world economy as a result of the numerous stimulus packages that other countries have crafted," Energy Secretary Angelo T. Reyes said.

He added that the weakening of the peso is also adding to the weight of pricing petroleum products.

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