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Oil firms hike fuel prices Tuesday starting 6 a.m.

By: Riza T. Olchondra, July 23rd, 2013 06:49 AM

Oil firms raised prices by 6 a.m. Tuesday, July 23, 2013, to reflect international price movements. AP FILE PHOTO

MANILA, Philippines—Oil firms raised prices by 6 a.m. Tuesday to reflect international price movements.

Petron, Pilipinas Shell, Chevron Philippines and Seaoil said in separate advisories via text message that the gasoline prices would be up by 50 centavos per liter, diesel by 35 centavos/liter and kerosene by 50 centavos/liter.

Such adjustments reflect movements in the international oil market, the companies said.

Shell also said the price increases were “with DOE acknowledgment.”

Other companies had not yet announced their respective price hikes as of this writing, although oil firms operating in the Philippines tend to track each other’s price movements since the country imports about 90 percent of its fuel requirements.

Just this month, pump prices were rolled back once and raised thrice, not including Tuesday’s increase.

From 6 a.m. on July 16, Petron, Shell and Chevron hiked prices by P1.60 per liter for gasoline, P1 per liter for kerosene and 75 centavos per liter for diesel.

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