MANILA -- Local oil companies will effectvely take back the price reduction given to consumers last week, as they get set to raise prices again on Tuesday (July 31).
The increase in pump prices, which was described as "somewhat significant," will be implemented by most oil companies at 6AM tomorrow.
In separate text messages to journalists, oil firms announced price hikes of Php 1.15/liter in unleaded gasoline, Php 0.95/liter in diesel and Php 0.85/liter in kerosene.
It can be recalled that rollbacks of Php 0.70/liter in unleaded gasoline, Php 1.00/liter in diesel and Php 1.25/liter in kerosene were implemented exactly one week ago, July 24.
The turn-around in local oil prices was simply attributed to upward movements in world crude prices which are being passed on to the Filipino consumer. (PNA)
