Shell, Eastern Petroleum raise pump prices at 6 a.m. Tuesday

AFP PHOTO

MANILA, Philippines—Local oil companies have hiked prices of fuel products starting Tuesday, to reflect the increases in oil prices abroad.

Pilipinas Shell Petroleum Corp. announced Monday night that it would hike the prices of gasoline by 10 centavos per liter, kerosene by 30 centavos a liter, and of diesel by 25 centavos a liter by 6 a.m. on Tuesday.

In a separate advisory, Eastern Petroleum Corp. said it would hike prices of its diesel products by 30 centavos per liter, and of gasoline by 10 centavos a liter.

Other oil companies have not announced their respective oil price adjustments as of this posting.

This is the second time this year that oil firms have implemented an increase in their fuel products. Last week, companies raised prices of gasoline by 45 centavos a liter, diesel by 60 centavos a liter, and of kerosene by 55 centavos a liter.

As of Jan. 28, gasoline products retailed for P49.60-P55.95 a liter, while diesel prices ranged from P41.35 a liter to P46.20 a liter.

Based on the oil price monitor of the Department of Energy, global oil prices struck two-week highs in the fourth week of January, buoyed largely by forecasts of the International Energy Agency of stronger crude demand, and of the International Monetary Fund, which lifted its prediction for global economic growth by 0.1 percentage point to 3.7 percent for 2014.

The optimistic outlook, according to the report, is fueled by solid growth in the United States as other countries in Europe and Asia also move away from austerity budgets.

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