MANILA, Philippines - Oil firms are increasing pump prices effective today to reflect the movements in international oil prices.
In their separate advisories, Petron, Pilipinas Shell, PTT Philippines, and Phoenix Petroleum said they will jack up their prices of gas by P1.25 to P1.35 a liter, diesel by P1, and kerosene by P1.15.
Other oil companies are expected to follow suit.
The increase was also triggered by the ongoing, geopolitical tensions in the Middle East, particularly Syria, they said.
Petron increased yesterday prices of its liquefied petroleum gas and auto-LPG products.
It raised cooking gas price by P2.55 per kilogram while price of auto-LPG went up by P1.50 per liter.
"This reflects the increase in the international contract price of LPG for the month of September," Petron said.
The latest adjustment brought LPG prices from P632.55 to P759.55 per 11-kilogram tank.
The latest increase in LPG prices came after oil payments implemented price hikes in Luzon, the Visayas and Mindanao last week.
Zenaida Monsada, director of the Department of Energy's Oil Industry Management Bureau, said the adjustment were due to market forces, particularly the threat of supply disruption from Egypt.