Toby Nebrida, Chevron communications manager, said the pump prices of its Gold, Gold E10, Silver and Silver E10 products will increase by P1.50 per liter. He also said that Chevron's regular gasoline will increase by P1.25/Li while diesel and kerosene will increase by P0.75/Li (all inclusive of Value-Added Tax). He said the price hikes will be implemented 6 a.m. Tuesday. The Department of Energy (DOE) earlier confirmed a fresh round of increases for diesel, kerosene, and gasoline this week.
Energy Secretary Jose Rene Almendras said Monday that an oil price hike is unavoidable amid rising crude oil costs in the world market.
The DOE said it does not want to divulge its computation but it will post a formula on its Web site on Tuesday. According to sources from the department, diesel prices will rise by P1 per liter while gasoline prices will increase by P1.50 per liter.
Other oil firms are expected to follow Chevron’s price increases.
LPGMA party-list Rep. Arnel Ty also announced on Monday a P3 hike in cooking gas, which is still part of the P7 hike for December. For the latest updates PRESS CTR + D or visit Stock Market news Today
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