MANILA (UPDATE) — Oil firms are set to implement another large hike in pump prices on Tuesday.
The following oil firms have confirmed that they will be hiking fuel prices tomorrow at these times:
Caltex (12:01 a.m.)
Shell, Seaoil (6 a.m.)
Jetti Petroleum, Petro Gazz (6 a.m.)
Cleanfuel (4:01 p.m.)
Other oil firms are expected to announce similar price hikes.
The hikes follow the 1.66 million barrels per day cut in production by the Saudi-led Organization of Petroleum Exporting Countries and Russia.
Meanwhile independent LPG vendor Regasco said it would cut prices P2.50 per liter starting Tuesday.
The company said the world contract price of LPG has gone down due to low consumption following the end of winter in Asia.
Price increases in fuel were partly responsible for pushing inflation to 14-year highs in the past few months.
Finance Secretary Benjamin Diokno however has downplayed the impact of the OPEC production cuts saying he still expects inflation to have already peaked.
— With reports from Alvin Elchico and Jervis Manahan, ABS-CBN News