MANILA, Philippines - Independent oil player Eastern Petroleum Corp. announced that the firm had increased oil prices yesterday.
Energy Undersecretary Jose M. Layug, Jr. said Eastern Petroleum reported to the Department of Energy (DOE) that the company imposed an increase of 50 centavos per liter for the pump prices of gasoline and diesel.
Other oil firms are expected to announce price hikes soon.
International oil prices escalated anew last week because of heightened concerns over tensions in Iran due to its nuclear program.
Prices of Brent crude for April delivery climbed by 4.93 percent to $125.47 per barrel last Friday compared with the previous week.
Since the start of the year, there were already eight oil price increases as against two price reductions.
As of Feb. 14, net increase stood at P3.60 per liter for gasoline and P2.15 per liter for diesel, data from the DOE showed.