Oil firms to hike pump prices Tuesday morning

Small oil players Flying V, Total, Eastern Petroleum, and SeaOil Philippines will increase its pump prices by P1 per liter or more on Tuesday early morning. The big three oil firms, Shell, Caltex and Petron have yet to announce if they will follow suit. According to a GMA News report, Flying V will hike its gasoline and diesel prices by P1.20 per liter starting midnight (12:01 a.m.) of Tuesday, while Total and Eastern Petroleum will follow suit with P1.00 per liter at 6:00 a.m. In a separate announcement via text message, Sea Oil Philippines said the P1.00 per liter price adjustments for its gasoline, diesel, and kerosene products will take effect 6 a.m., Tuesday.
The small oil players said the movement aims to reflect the "upward price movements" of pump prices in the world market. Other oil companies have yet to announce if they will follow suit. – Aie Balagtas See/JV, GMANews.TV