Shell, Petron hike prices

MANILA, Philippines – Pilipinas Shell Petroleum Corp., Petron and Flying V are raising again their gas and diesel prices by 50 centavos and kerosene price by P1 per liter effective today.

Shell vice president for communications Roberto Kanapi said the increase is due to the continued rise in prices of oil in the world market.

Based on Department of Energy (DOE) monitoring, crude oil and petroleum products prices have increased for the past five consecutive weeks owing to a mix of factors.

Analysts believed that the trend has generally been brought about by the bullish sentiment on the economy and some positive news from major oil consumers like China. 

In the recent week, oil has punched eight-month peaks on the back of a weakening US currency, which makes dollar-priced oil cheaper for holders of stronger currencies and in turn stimulates demand, pushing prices higher. — Donnabelle Gatdula