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Chevron Philippines and PTT Philippines raised gasoline prices by P0.50 per liter but cut the price of diesel and kerosene by P0.50 per liter starting today (May 26).
Other oil firms are expected to follow suit but have not made announcements as of presstime.
World oil prices declined on Friday last week due to the strengthening of the dollar and drilling slowdown in the US. Traders also took into consideration that continuing oversupply in the world crude market which could result to continued lower oil prices.
Last May 19, most of the oil companies implemented an increase of P0.35 per liter for gasoline and P0.15 per liter for diesel.
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