Local oil companies greeted the New Year the same way they bid goodbye to the previous year: with a price hike.

At 6 a.m. Tuesday, major oil firms Petron Corp. and Chevron Philippines and smaller players Total Philippines and Phoenix Petroleum jacked up their prices of gasoline by P1 a liter and diesel by P1.25 a liter.

Another small oil firm in Seaoil Philippines added P1 a liter on gasoline and 50 centavos on diesel and kerosene. Its price tweak also took effect at 6 a.m. Petron, Chevron, fellow oil giant

Pilipinas Shell and small player Phoenix Petroleum added P1 on their retail prices of gasoline and another half a peso on diesel and kerosene only last December 30.

Tuesday’s increases sent up the average retail price of gasoline (unleaded) in Metro Manila to P41.50; diesel to P33 and kerosene P42, the Manila Bulletin gathered.

Pump prices have actually yo-yoed the past few weeks: oil companies imposed three successive hikes amounting to P4.50 between November and December; two rollbacks amounting to as much as P1.75 were then enforced on December 14 and 21.

The oil firms cited the recent increase world crude price which saw it break the $80-barrier anew. The months of November and December saw international crude cost fluctuate from $70 to $80 per barrel.

Crude for February delivery rose to above $80 per barrel on both New York (Light, sweet crude) and London (Brent crude) trading.