OIL COMPANIES yesterday announced increases in fuel prices starting today, with gasoline and kerosene prices rising by more than a peso.

The announcement came despite assurances from the government that the drone attack on Saudi Arabia’s oil production sites had yet to be reflected on local prices.

Gasoline prices will increase by P1.35 a liter, while diesel prices will go up by 85 centavos a liter. Prices of kerosene will increase by P1 a liter.

“These reflect the movements in the international market,” Petron Corp. said in a statement.

Last week, oil companies cut gasoline prices by 50 centavos a liter, by 10 centavos for diesel and by 25 centavos for kerosene. — Victor V. Saulon