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Oil firms hike prices

Oil companies will increase pump prices today, still triggered by market optimism on the production cut agreement of the Organization of the Petroleum Exporting Countries.

In separate advisories yesterday, Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines, and Flying V said they will hike gasoline prices by 40 centavos per liter and diesel prices by 70 centavos per liter today.

Flying V will implement the movements at 12:01 a.m. while Shell and Phoenix will apply the price changes at 6 a.m.

Shell and Flying V will also hike kerosene prices by 65 centavos per liter.

According to the Department of Energy’s oil monitor in Metro Manila, diesel prices currently range from P27.55 to P32.25 per liter with a common price of P29.35 per liter.

Gasoline prices range from R36 to P47 per liter with a common price of P45.08 per liter. (PNA)