Shell, Flying V raise prices

MANILA, Philippines – Pilipinas Shell Petroleum Corp. and Flying V yesterday raised anew their pump prices due to the increase in prices of finished petroleum products.

Shell spokesman Roberto Kanapi said the company increased the price of its gasoline by 50 centavos per liter and diesel by P1 per liter.

Last Sunday, oil companies also raised their diesel and kerosene prices by P1.50 per liter and P1 for gasoline.

Flying V said it would likely follow Shell’s move to hike its prices in the coming days.

Ramon Villavicencio, Flying V chairman, said they are looking at increasing their pump prices by P1 per liter on Monday.

Petroleum prices abroad have been on the upward trend for the past days.

Mean of Platts Singapore, benchmark of oil importers, for May 25 to May 29 averaged $72.26 per barrel for unleaded gas and $67.50 per barrel for diesel, compared to a June 1 to 4 average of $75.92 per barrel for unleaded and $75.85 per barrel for diesel.

Oil companies have been adjusting their prices on a weekly basis. – Donnabelle Gatdula