MANILA, Philippines — Local oil companies have raised prices of petroleum products anew as global oil prices continued its uptrend last week.
Starting Monday, Pilipinas Shell Petroleum Corp., Chevron and Total Philippines raised prices of diesel by P1.90 a liter, of kerosene by P1.60 a lit, of regular gasoline by 90 centavos a liter, and of premium gasoline by 65 centavos a liter.
As early as Thursday last week, industry sources already warned of another spike in fuel prices given the sharp rise in global market prices.
Prior to this week’s price adjustments, the year-to-date net increase of gasoline stood at P3.49 per liter, and for diesel, P6.45 per liter.
Diesel prices, at present ranged from P42.60-P46.19 a liter, while gasoline prices stood between P49.23-P56.15 a liter as of November 8.
Renato M. Reyes Jr., secretary general of Bagong Alyansang Makabayan (Bayan), noted that the latest oil price hike should already spur the House leadership to begin deliberations on bills seeking to amend the Oil Deregulation Law.
“The core issue here is the cartelized industry which makes competition impossible and deregulation easily abused,” Reyes said.