Oil firms increase product prices

MANILA, Philippines - New oil player Eastern Petroleum will increase the prices of all its petroleum products by P2 per liter starting 6 a.m. today while Phoenix Petroleum Philippines will increase prices of diesel products by P1 per liter and all gasoline products by P1.25 per liter.

Both new oil players said the price adjustment was a reflection of the prices of refined or finished petroleum products in the international market.

The oil majors – Petron Corp., Pilipinas Shell Petroleum, Chevron Philippines and Total Philippines – remained mum over the prospects of increasing prices.