Oil companies hike pump prices anew

OIL companies again adjusted pump prices on Tuesday, raising the cost of diesel and gasoline up by 70 centavos per liter each, and kerosene by 35 centavos per liter.

- plement the price increase at 12:01 a.m., followed by Eastern Petroleum, Flying

V, Petro Gazz, Phoenix Petroleum, Pilipinas Shell, PTT Philippines, Seaoil and Total at 6 a.m.

The price hike brings the common price of diesel to P41.99 per liter, gasoline to P49.24-P53.24 per liter, and kerosene by P47.61 per liter.

Industry players hiked pump prices as global oil prices touched their highest levels since November. Reuters reported on Monday that Brent Crude Futures reached a high of $ 66.78 a barrel before easing to $66.65 a barrel, 0.6 percent, while the US West Texas Intermediate hit $56.13 per barrel before edging back to $56.03 per barrel, up 0.8 percent.

Last week, oil firms raised the cost of diesel by 55 centavos per liter, gasoline by 90 centavos per liter, and kerosene by 85 centavos per liter.