OIL companies on Tuesday implemented a hefty increase in the prices of petroleum products. 

Flying V, Petron Corp., Chevron Philippines Inc., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Corp. all issued advisories on Monday stating that the price of gasoline and kerosene per liter would increase by P2 and that the price of diesel would increase by P2.50.

Cleanfuel, Petro Gazz, Phoenix Petroleum Philippines Inc., and Unioil Petroleum Philippines Inc. announced the same price hikes, with the exception of kerosene since they do not carry it. 

Pump prices are increasing as a result of a tighter supply picture brought on by production cuts in Saudi Arabia and Russia, a supply disruption in Libya, and inventory withdrawals in the United States, according to the Department of Energy’s Oil Industry Management Bureau.