Local pump prices are going up again this week, but this time around, private motorists will be the bigger losers as the price of unleaded gasoline is set to rise substantially.
In an advisory, an oil firm announced that it will be hiking the prices of its gasoline products by PHP1.45 per liter and its diesel products by a more modest PHP0.30 per liter.
The latest oil price hike is scheduled to take effect 6 a.m., Tuesday (Mar. 19).
Other oil firms are expected to send similar advisories later today.
Oil industry insiders have earlier said that it is necessary to implement weekly oil price adjustments to reflect “real-time up and down changes in the world crude market.”
They further explained that these are simply “pass on price adjustments” that are revenue neutral to the oil companies. (PNA)