Big-time oil price hike takes effect this week

Marje Pelayo

MANILA, Philippines – Oil companies are set to impose big-time oil price hike this week.

Shell announced that effective 6:00 AM Tuesday (December 31), it will impose an additional P0.80/L on gasoline; P0.50/L on diesel and P0.35/L on kerosene.

Unioil, meanwhile, said it will add P0.45/L to P0.55/L to the price of diesel and P0.85/L – P0.95/L to gasoline.

Oil firms clarified, however, that the price adjustment does not include the impending excise tax on fuel set for 2020.

Industry players said the oil price hike follows price adjustment in the world market.

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