MANILA, Philippines - A new round of oil price increases greeted consumers early yesterday as five oil companies implemented price adjustments reflecting higher international prices.
Petron Corp., Pilipinas Shell Petroleum, SeaOil Philippines, Total Philippines and Eastern Petroleum jacked up pump prices of gasoline by P1 to P1.35 per liter and by 50 centavos per liter for diesel and kerosene.
Shell and SeaOil increased prices by P1.15 per liter for premium gasoline and by P1.35 per liter for regular gasoline.
Total and Petron raised pump prices of premium gasoline by P1.15 per liter and regular gasoline by P1.30 per liter, while Eastern Petroleum marked up prices of gasoline by P1 per liter.
All five firms, which implemented the price hikes early morning yesterday, jacked up prices of diesel by 50 centavos per liter.
SeaOil and Shell increased kerosene prices by 55 centavos per liter, while Petron raised it by 50 centavos per liter.
Shell said the prices were adjusted upwards “to reflect the increase in international product prices.”
Eastern Petroleum said new increases were implemented “to reflect the upward trend of petroleum products in the previous week.”
The Department of Energy (DOE) said yesterday in its Oil Price Monitor: “Oil prices generally increased during (last) week in view of the ongoing tension between Iran with the West, and the threat of disruption of supplies.”
Improving economic data in the United States and the resolution of the debt crisis in Greece also supported the increase, the DOE added.
International prices of Dubai crude, diesel and gasoline rose by $2 per barrel, $0.50 per barrel and $3 per barrel, respectively, compared with the previous week.
Since the start of the year, seven oil price increases were made as against two price reductions.
As of Feb. 14, net increase stood at P3.60 per liter for gasoline and P2.15 per liter for diesel, data from the DOE showed.
In a statement yesterday, the DOE said it is in the process of reloading P1,200 worth of credits for beneficiaries of the Pantawid Pasada Program for public utility jeepneys.
The Pantawid Pasada Program, a government program to cushion the impact of high fuel prices, started in May last year.