Oil prices up; rollbacks offset

INQUIRER FILE PHOTO

MANILA, Philippines–Local oil firms raised fuel prices for the third straight week as concerns lingered in the international market over US output.

Thus, the total year-to-date price adjustments have swung from a net decrease as of last month to a net increase this month. So far, gasoline prices show a net increase of 80 centavos per liter and diesel, a net increase of five centavos per liter.

Energy Undersecretary Zenaida Monsada, however, noted the price spikes were not seen as a long-term trend and prices were still relatively lower than last year.

Petron, Shell, Chevron and Seaoil raised prices of gasoline by 85 centavos per liter, diesel by 80 centavos per liter and kerosene by P1 per liter effective at 6 a.m. on Tuesday. Phoenix Petroleum, Total and PTT Philippines imposed similar price hikes for gasoline and diesel at the same time.–Riza T. Olchondra