Oil firms to raise pump prices today

MANILA, Philippines – After weeks of oil price rollbacks, petroleum companies will raise pump prices effective at 6 a.m. today.

In an advisory, Pilipinas Shell Petroleum Corp. said it would increase diesel prices by P1.05 per liter, gas by 45 centavos and kerosene by P1.20.

Eastern Petroleum Corp., Phoenix Petroleum Philippines Inc. and PTT Philippines Corp. will implement similar price adjustments.

In a statement, Eastern Petroleum chairman and chief executive officer Fernando Martinez said the latest price adjustment reflects the current uptrend of oil prices in the world market.

Earlier, the Department of Energy (DOE) said consumers should brace for higher oil prices given the upward movement of petroleum prices in the international market.

Melita Obillo, DOE Oil Industry Management Bureau director, said the uptrend stemmed from Russia’s appeal to the Organization of Petroleum Exporting Countries to reduce oil production.

Last Friday, Reuters reported crude prices rose by more than 25 percent from 12-year lows.

The oil price hike came after oil firms reduced liquefied petroleum gas by P37 per 11-kilogram cylinder.