Fuel prices up on bull market

Local oil firms are raising pump prices on Tuesday amid expectations of sustained bullishness in the international market.

Shell and Seaoil announced adjustments in gasoline by P1.05 per liter, diesel by 15 centavos per liter, and kerosene by 15 centavos per liter effective 12:01 a.m. Tuesday.

Petron, which controls almost 40 percent of the local market, has not announced price adjustments but is expected to raise them by similar levels.

Eastern Petroleum, which earlier said it may roll back prices, raised the prices for gasoline and diesel by P1.05 per liter and 15 centavos per liter, respectively, at 12:01 a.m.

PTT and Phoenix Petroleum are also implementing gasoline and diesel price hikes at P1.05 per liter and 15 centavos per liter, respectively, effective 6 a.m.–Riza T. Olchondra