Shell hikes pump prices

Pilipinas Shell Petroleum Corp., one of the so-called "Big 3" in the local oil industry, raised its pump prices effective 10 last night by 50 centavos per liter for gasoline and 30 centavos for diesel.

Shell external affairs manager Robert Kanapi cited "continuing rise in crude prices in the world market and the increasing tension in the Middle East" as major reasons for the increase.

The two other major players, Petron Corp. and Caltex Philippines Inc., are expected to follow suit soon.

Consumer advocate and industrialist Raul Concepcion said earlier the expected average increase in oil prices this month would be 62 centavos per liter.

"However, we will suggest to the oil companies that the oil price increase must be reduced to 59 centavos," Concepcion said. – Donnabelle Gatdula