4 oil firms to hike pump prices Tuesday

MANILA, Philippines - Four oil firms will increase their pump prices on Tuesday. In a text message to reporters, Petron public affairs officer Raffy Ledesma said they would increase their gasoline, diesel, and kerosene prices by P1.50 effective 6 a.m. Tuesday. Small oil firms PTT, Seaoil, and Total Philippines will implement the same price adjustments. Seaoil's increase will take effect 12:01 a.m. Tuesday. Energy Secretary Angelo Reyes attributed the increase to the strengthening economy of the United States. Reyes was quoted by a report aired over GMA News’ “24 Oras" as saying that due to the US’ growing need for oil, the prices of petrol in the global market is going up. - Aie Balagtas See, GMANews.TV