Oil firms hike pump prices anew

MANILA, Philippines – Pilipinas Shell Petroleum Corp. will increase today the pump price of diesel by P1.50 per liter while gasoline and kerosene prices will be raised by P1 per liter.

Petron will also implement a P1 per liter increase in the prices of gasoline and kerosene and P1.50 per liter for diesel effective today. At the same time, it will roll back the price of liquefied petroleum gas (LPG) by P2 per kilo.

PTT Philippines will hike the pump prices of gasoline and diesel by P1 per liter effective 6 a.m. today.

Shell said the recent domestic oil price hikes were consistent with the increase in prices in the international market.

“This is to reflect higher product costs,” Shell said in an advisory sent to media yesterday.

The price of liquefied petroleum gas (LPG) of Shell will be reduced by P2 per kilo. International contract price of LPG dropped to $456 per metric ton from $505 per MT.

Shell earlier issued a statement clarifying its oil price movements after a meeting with the Department of Energy and various industry stakeholders, including Consumer & Oil Price Watch.

Shell external affairs general manager Roberto Kanapi said it has implemented upward adjustments of 50 centavos per liter on diesel and 75 centavos per liter on gasoline on March 28, reflecting higher international product prices and foreign exchange during the previous week, computed on a moving average weekly basis.

Kanapi said the timely implementation of price adjustments is aligned with the company’s aims of ensuring greater pricing transparency.–Donnabelle Gatdula, Philippine Star