PUMP prices are on the rise again starting Tuesday. Seaoil, Chevron, Shell, Cleanfuel announced Monday morning that they will jack up gasoline prices by P.50 per liter, diesel by P0.95 per liter and kerosene by P0.60 per liter.
Chevron’s price adjustment takes effect at 12:01 a.m. while Seaoil and Shell said they will adjust their prices at 6a.m. Cleanfuel, meanwhile, will implement the price hike at 4:01p.m. Other oil firms are expected to follow suit.
Last week, oil companies increased gasoline prices by P0.40 per liter, P0.60 per liter increase in diesel and P0.70 per liter in kerosene. They adjust pump prices weekly to reflect movements in the world oil market.
The market share of the small players in the first half of the year increased by 12.9 percent to 52.29 percent while the three major oil firms’ market share dipped by 16 percent to 38.96 percent.
The market share of the so-called Big 3 was affected by stiff competition and aggressive expansion and marketing programs of smaller oil firms. Also, Petron and Shell ceased their refinery operations during the period.
Read full article on BusinessMirror