Oil firms hike prices by 50¢

MANILA, Philippines - Caltex Philippines, Seaoil Philippines and Phoenix Petroleum have raised the price of their gasoline products by 50 centavos per liter because of higher prices in the international oil market.

In a media advisory, Caltex and Seaoil said they also raised the price of their kerosene products by 25 centavos per liter but retained the price of their diesel products.

Other oil firms are expected to follow suit.

The price of Dubai crude, used as benchmark of oil refiners, now averages $80 per barrel against $75 per barrel last month. Gasoline prices in Mean of Platts Singapore (MOPS), the price gauge of oil importers, rose to $90 per barrel from $83 per barrel last month.

Diesel at MOPS, on the other hand, reached $94 per barrel from $87 last month.

As of Oct. 12, the retail price of premium gasoline has nearly breached the P50 per liter level.