Oil firms hike prices without prior notice

MANILA, Philippines – Oil firms have raised the prices of all their petroleum products by 50 centavos per liter late Tuesday, giving consumers no time to refuel before implementing the price adjustments.

Petron Corp. implemented the increase Tuesday noon before announcing the price hike later at 11:45 p.m.

Seaoil Philippines Inc. and Chevron Philippines, followed suit, announcing the increase in their pump prices also at 11:45 p.m. Tuesday effective midnight.

Phoenix Petroleum succumbed to competitive pressure and will implement the same price increase at midnight today.

Shell has not announced a price increase in their petroleum products.

This is the third price hike in March and the sixth since January. This month, gas prices rose P2 per liter and diesel by P1.50 per liter.

Monitoring by the Department of Energy (DOE) showed that unleaded gasoline is retailed in the country at P42.70 to P45 per liter, diesel at P33.25 to P35.80 per liter, and kerosene at P41.15 to P47.50.

The price of Dubai crude, the benchmark of oil refiners, went up to $77 per barrel yesterday from an average of $73 per barrel in February. The price of unleaded gasoline from the region also rose to $91 per barrel from $87 last month; diesel price went up to $88 per barrel from $84 last month. –Donnabelle Gatdula (The Philippine Star)