OIL FIRMS TO HIKE PRICES BY AROUND P2/LITER

By Zen Hernandez, ABS-CBN News MANILA, Philippines - There is no stopping local fuel retailers from hiking prices as the political turmoil in the Middle East and North Africa continues to threaten oil supply, the Department of Energy (DOE) said on Monday. Small oil players Eastern Petroleum and Phoenix Petroleum already announced their price adjustments that will be effective 6 a.m. Tuesday, March 1.