Shell, Eastern Petroleum hike gas prices by up to P2 per liter Tuesday

MANILA, Philippines — Pilipinas Shell Petroleum Corp. and Eastern Petroleum Corp. are increasing prices of unleaded gasoline by P2 a liter, regular gasoline by P1.50 a liter, and of diesel and kerosene by 80 centavos a liter, effective Tuesday.

Shell said in a statement that the latest oil price adjustment reflected a surge in the prices of fuel products in the global market last week. This week’s price hike had also more than offset the rollback implemented by oil companies the previous week.

“What we’ve seen is the anticipation for an increase in demand in oil especially during this time of the year, so the market reacted,” Energy Undersecretary Jose M. Layug Jr. said.

In an interview, Layug also pointed out that the continued conflict affecting the oil producing countries in the Middle East pushed prices up.

Prior to this oil price hike, diesel prices ranged from P41.70 a liter to P46.20 a liter, while gasoline retailed for P49.65 a liter up to P56.57 a liter.

As of July 3, the year-to-date net increase of diesel stood at P4.80 a liter and for gasoline, P5.22 a liter.