Shell to raise prices twice a week

Starting this week, Pilipinas Shell Petroleum Corp. will adjust fuel prices twice weekly to reflect changes—big or small—in the global oil market.

The move is meant to reflect timelier changes in the international markets and foreign exchange, thus promoting greater pricing transparency, explained the oil firm in a statement.

“Through more frequent and timelier adjustments, we aim to help cushion the impact of higher oil prices on the public. As part of the deregulation process, we constantly assess the needs of our customers and look at ways to best address them,” said Roberto Kanapi, Pilipinas Shell vice president for communications.

Recently, local oil companies have been adjusting pump prices every week based on week-on-week movements in the global oil market.

The Shell announcement followed its increase this week of 90 centavos per liter for unleaded premium gasoline and regular gasoline, and 70 centavos for diesel and kerosene.

Chevron, Total and Eastern Petroleum also implemented on Tuesday similar hikes in fuel prices.