MANILA -- Filipino motorists will have to dig a little deeper into their pockets as local oil companies announce another hike in pump prices effective Tuesday.
In separate announcements, spokesmen for the oil firms said the upward price adjustment will take effect at 6 a.m. on August 28.
According to the announcements which were sent to journalists via SMS, the price of unleaded gasoline will increase by PHP 0.10/liter, diesel by PHP 0.60/liter and kerosene by PHP 0.45/liter.
An oil executive described this week's upward price adjustment as "very marginal" even while he admitted that the brunt of it will be felt by diesel consumers. Diesel is widely accepted to be a more "politically sensitive" commodity because it largely powers mass transportation.
As in the past, the impending price hike in liquid fuels is being attributed to movements in the world crude market, which the local oil industry is merely passing on to local consumers. (PNA)
