Shell hikes prices on New Year's Eve

MANILA, Philippines - Motorists can expect oil prices raised anew for the New Year as petroleum giant Shell increases enforces another price adjustment on gasoline on New Year's Eve.

Shell, which also implemented a pump price increase on Christmas Eve, hiked the prices of premium and unleaded gasoline by 75 centavos per liter at 6:00 a.m.

Regular gasoline price was also increased by 65 centavos per liter while the prices of kerosene and diesel also went up by 30 centavos and 20 centavos per liter, respectively.

Other oil companies were also expected to hike pump prices.

Meanwhile, the Liquefied Petroleum Gas Marketers Association (LPGMA) announced Monday that it will implement a P2.00 per kilo or P22 per an 11-kilo tank.

With the rollback, the prices of the independent LPG distributors' products were expected to go down from a maximum price of P800 to P778.

LPGMA president Arnel Ty said that the rollback will be implemented in the next couple of days due to the weakening of contact prices in the world market.