MANILA, 22Aug2013 (PNA) – As the country was continuously being battered by the southwest monsoon, the country’s biggest oil companies — Petron Corp., Chevron Philippines (formerly Caltex) and Pilipinas Shell — on Tuesday jacked up the price of their fuel products in the Visayas and Mindanao.
The so-called “Big Three” oil companies said the implementation of their price hikes will be effective only in Visayas and Mindanao as Luzon has yet to recover from the calamity brought by the enhanced southwest monsoon.
“No price movement in Luzon due to current conditions,” Pilipinas Shell said, referring to the devastation in Metro Manila and several areas in Luzon.
In a text advisory sent to the Philippine News Agency (PNA), Petron, Shell and Chevron increased the prices of gasoline by P0.40 per liter, kerosene by P0.45 per liter and diesel by P0.20 per liter effective at 6:00 a.m. Tuesday.
Petron in its price advisory sent to PNA, said the price adjustment “reflects movements in the international oil market and the slight increase was driven by clashes in Egypt, fears of supply disruptions in Libya, and increased Chinese demand.”
As of this posting other oil companies have yet to announce their respective adjustments. (PNA)