MANILA, Philippines—Pilipinas Shell Petroleum Corp. and Seaoil Philippines are raising prices of premium unleaded gasoline by 20 centavos a liter, effective Tuesday.
At the same time, the two oil companies have slashed prices of diesel by 50 centavos a liter and of kerosene, by 25 centavos a liter, to reflect the movements of oil prices in the global market.
Eastern Petroleum Corp., meanwhile, announced a 25-centavo-a-liter hike in premium gasoline and a similar 50-centavo-a-liter rollback on diesel, effective Tuesday.
Energy Undersecretary Jose Layug Jr. explained that the mixed movements in global oil prices are due to various factors, including the continued conflict in the oi- producing countries in the Middle East and even movements in the US and European economies.
“Prices have become so volatile in 2011 that any one incident will result in a price movement,” Layug explained.