Oil firms hike gas prices by P1.15/liter

MANILA, Philippines - Oil companies yesterday raised the price of unleaded gasoline by P1.15 per liter amid continuing rise in global fuel prices.

Petron, Pilipinas Shell, Seaoil and Flying V also raised the price of regular gasoline by 70 centavos per liter and kerosene by 25 centavos.

There was no adjustment in the price of diesel.

The price increase came after a series of cuts the past weeks.

Last Nov. 12, oil firms slashed prices by 85 centavos per liter for diesel and 40 centavos for regular gasoline. It was the second price rollback for the month.

Based on Department of Energy (DOE) monitoring, the average price of crude oil in Dubai, the benchmark being used by oil refiners, inched up to $108 per barrel on Nov. 19 from Nov. 12’s level of $106 per barrel.

The price of regular and unleaded gasoline and kerosene increased to $110, $123 and $126 per barrel from Nov. 12’s $109, $119 and $125 per barrel, respectively.

With the recent movements, the price of unleaded gasoline is now between P48.40 to P56.12; premium unleaded, P48.60 to P57.41; premium plus unleaded P51.70 to P57.85; diesel, P39.95 to P44.25; and kerosene, P49.00 to P55.08./30.