Oil firms to hike prices for 4th straight time on January 29

Ralf Rivas
Oil companies say the hike is due to price movements in the international market

ANOTHER HIKE. Oil prices will increase for the 4th consecutive time on January 29, 2019. Photo by Rafael Taboy/Rappler

MANILA, Philippines – Fuel prices will once again rise on Tuesday, January 29, as global forces place pressure on the commodity.

Shell, PTT Philippines, Total, Unioil, and Petro Gazz will jack up diesel prices by P0.55 per liter and gasoline by P0.20 per liter.

Companies which carry kerosene will also increase its price by P0.40 per liter.

This is the 4th straight time that oil prices are going up.

The price adjustments are taking effect at 6 am on Tuesday.

Companies said the hike is still not due to the second tranche of fuel excise tax mandated by the Tax Reform for Acceleration and Inclusion (TRAIN) law.

But more than 20% of all gas stations have started implementing higher prices due to the fuel excise tax hike.

Latest data from the Department of Energy showed common diesel prices in Metro Manila ranging from P40.54 to P42.29 per liter, while common gasoline prices are around P49.80 to P50.04 per liter. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.