Oil firms hike gas, diesel prices by 50¢

MANILA, Philippines - The country’s major oil players have increased pump prices of oil products by P0.50 per liter effective yesterday, reflecting volatile world prices.

Two weeks ago, oil companies increased prices by an average of P0.75 per liter. The impact of the oil price adjustments was magnified by increases in power rates and the prices of bread.

Chevron Philippines increased prices of all gasoline products including diesel and kerosene effective 6 a.m. yesterday.

Petron Corp., Total Philippines and Pilipinas Shell followed suit with the same rate.

Expected to also increase their respective products are the so-called new players including Eastern Petroleum Corp., Seaoil Petroleum, Flying V, and Union Petroleum.

Global crude prices became even more volatile with the political unrest in Egypt, Iran, and Bahrain. The Philippines is a net importer of crude oil, mainly from the Middle East.

Almost 80 percent of the imported crude oil comes from Saudi Arabia, United Arab Emirates, Qatar, Oman and Iran. The rest come from Singapore and other Asian sources and are processed or finished products of crude oil such as gasoline, diesel and kerosene.