Oil firms hike diesel, kerosene prices by P1/liter

Published by rudy Date posted on April 4, 2009

MANILA, Philippines – Pilipinas Shell Petroleum Corp., Flying V and Eastern Petroleum will increase diesel and kerosene prices by P1 per liter, and gasoline by 50 centavos per liter starting today.

The announcements were made by Roberto Kanapi, Shell external affairs general manager, Joey Cruz, Flying V spokesman, and Eastern Petroleum.

“If the market cannot bear it, we will try to adjust our prices twice a week,” Kanapi said.

“If MOPS (Mean of Platts Singapore) will continue to soar, this may contribute to movements of prices next week,” Cruz said.

“Yes, we’re also moving at 6 a.m. tomorrow. One peso hike on diesel and 50 centavos on gasoline,” according to Eastern Petroleum.

As of April 1, the average Dubai crude, the benchmark of oil refiners, stood at $47 per barrel against $46 per barrel in March, according to the Department of Energy.

Average gasoline price at MOPS, the price gauge of oil importers, soared to $57 per barrel as of April 1 versus $54 per barrel average in March.

Diesel prices at MOPS rose to $58 per barrel as of April 1 compared to $54 in March.   – Donnabelle Gatdula, Philippine Star

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