Oil firms hike prices anew

MANILA, Philippines - Oil companies yesterday implemented another round of oil price hikes.

Chevron Philippines, Petron Corp., Pilipinas Shell Petroleum, Seaoil Petroleum, and Total Philippines jacked up pump prices of premium gasoline by P0.25 per liter, regular gasoline by P0.60 per liter, diesel and kerosene by P0.30 per liter.

Other oil firms are expected to follow suit due to competition.

It is the fourth oil price increase for 2012 as against two price reductions this year.

Premium gasoline was increased by roughly P2.55 per liter in the four oil price adjustments this year while it was reduced twice by a total of P0.35 per liter.

Thus, premium gasoline can range from a low of P52.15 per liter to as high as P61.90. Diesel prices (standard) range from a low of P44.30 per liter to as high as P45.30.

Sources from the energy department had earlier warned of an increase this week but refused to say whether it could mimic the three price adjustments experienced last month.