Four more oil firms hike gas, diesel prices

MANILA, Philippines – Four of the country’s major oil companies – Petron Corp., Chevron Philippines Inc., Eastern Petroleum Corp. and Seaoil Philippines Inc. – have increased their gasoline prices by P1.50 per liter and 50 centavos for diesel.

Pilipinas Shell Petroleum Corp. and Total Philippines Inc. led the announcement of an oil price hike on Monday, citing the increasing prices of petroleum products in the world market.

Oil companies have been adjusting their prices on a weekly basis apparently to reflect more transparent oil price levels.

It was reported earlier that there was a noted rise in international crude prices eventually affecting local pump prices.

As of May 18, the price of Dubai crude, the benchmark being used by oil refiners in pricing their products, stood at $56 per barrel compared to April’s level of $50.10.

The average unleaded gasoline price at Mean of Platts Singapore (MOPS), the price gauge of oil importers, was at $66 per barrel as of May 18 from April’s $60 per barrel.

Diesel at MOPS, on the other hand, reached $65 per barrel, up from April’s average of $60 per barrel.

Energy Secretary Angelo Reyes last week admitted that prices in the global market have been on the rise since last week.

“We have seen a $6 to $8 per barrel increase in the price of diesel and gasoline. And this is a big increase and happens to be the peak for this year since January,” he said.