Oil firms raise pump prices

Pilipinas Shell Petroleum Corp. and Eastern Petroleum Corp. hiked prices of unleaded gasoline by P2 a liter, regular gasoline by P1.50, and of diesel and kerosene by 80 centavos, effective today (Tuesday).

According to Shell, 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 of an increase in demand for oil especially at this time of the year, so the market reacted,” Energy Undersecretary Jose M. Layug Jr. said.

In an interview, Layug also said continued political turmoil in the oil producing countries in the Middle East continued to push prices up.

Prior to today’s 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.