Oil prices raised in Visayas, Mindanao

MANILA, Philippines- The three biggest oil companies hiked on Thursday the prices of their fuel products in Visayas and Mindanao.

By 6 a.m., Petron, Shell and Chevron increased the prices of gasoline by 40 centavos per liter, kerosene by 45 centavos per liter and diesel by 20 centavos per liter.

Petron said its price hike “reflects movements in the international oil market and the slight increase was driven by clashes in Egypt, fears of supply disruptions in Libya, and increased Chinese demand."

For its part, Shell said no price movement will be imposed in Luzon as the region is still reeling from the disaster caused by typhoon Maring and the southwest monsoon.