This move comes on the back of the actions of Caltex Philippines Inc and Pilipinas Shell petroleum to increase gasoline and diesel prices.
All four firms have raised prices by one Philippines peso (US$0.0178) per litres. Both Caltex and Pilipinas Shell have also raised LPG prices by one peso per kilogram. Only Petron Corp has yet to announce any price increases.
The rise comes despite the fact Philippines President Gloria Macapagal-Arroyo having instructed the Department of Energy to make sure the oil companies would not take advantage rising world oil prices to raise their own prices.
Philippines, which imports most of the 330,000 barrels per day of petroleum products it uses, may now face large-scale public protests over the rise in prices, which, according to the Philippines Central Bank, could also affect the country’s inflation target for the year.