MANILA, Philippines — Local oil companies again raised prices of premium gasoline by P1.40 a liter, of regular gasoline by P1 a liter and of kerosene by 30 centavos a liter, beginning Tuesday.
Motorists, however, were not given advanced notice as oil firms—namely Pilipinas Shell Petroleum Corp., Chevron Philippines, Petron Corp. and Total Philippines —made the advisory only on the same day the prices were adjusted.
Independent player Eastern Petroleum, for its part, is set to implement the same fuel price increases only on Wednesday (May 4), and it said that the latest adjustment was due to rising oil prices in the global market, particularly at the Mean of Platts Singapore benchmark for refined petroleum products.
This would be the 15th time since the beginning of the year that oil firms had raised fuel prices, adding up to a total increase of over P11.45 per liter for premium gasoline and P10.10 a liter for diesel. The only three reductions, on the other hand, were marginal in comparison, at only P1.75 a liter for gasoline and 65 centavos for diesel.
The Department of Energy has not released its report about current levels of fuel prices in the local market, following this oil price hike.