Total, Unioil raise pump prices by 50¢ per liter

Total Philippines and Unioil Philippines imposed a new round of price increases by another 50 centavos which took effect yesterday.

Other players including the two major oil firms Petron, Shell and Chevron (formerly Shell) have yet to make any increase in the pump prices.

Last week, the oil companies raised the price of gasoline by 50 centavos per liter while retaining the price of diesel and liquefied petroleum gas (LPG).

The average gasoline prices based on Mean of Platts Singapore (MOPS), the benchmark being used by oil importers like Total and Unioil, increased to $77.57 per barrel as of March 29 compared to the February average of $66.80 per barrel.

Diesel average under MOPS also increased to $79.59 as of March 29 as against an average of $71.67 in February.

Dealers earlier announced that the prices of LPG products will increase by P1.50 per kilogram or P16.50 per 11-kg tank by Monday.

The dealers cited the ongoing conflict in Iran that led to an increase in international LPG contract prices.

Oil prices on international markets stabilized Friday after reaching seven-month highs in London as a week-old standoff over the Iranian detention of 15 British naval personnel showed no signs of ending. –Donnabelle Gatdula