Petron Corp., together with Pilipinas Shell and Total Philippines, announced Monday that it is hiking the prices of petroleum products starting Tuesday, July 17, 2012, to reflect the uptrend in global oil prices last week. PHOTO BY RICK ALBERTO
MANILA, Philippines—Local oil companies jacked up prices of petroleum products on Tuesday to reflect the uptrend in global oil prices last week.
In separate announcements, Pilipinas Shell Petroleum Corp., Petron Corp. and Total Philippines said they raised the prices of gasoline by P1 a liter, diesel by 50 centavos a liter, and kerosene by 35 centavos a liter.
Prior to this week’s oil price hike, prices of diesel ranged from P37.40 a liter to P41.20 a liter, while gasoline was retailing for about P42.20 a liter to P52.77 a liter.
As of July 11, the year-to-date net decreases in the prices of diesel and gasoline have shrunk to P2.37 and P3.66 per liter, respectively.
According to a report by the Department of Energy, prices have gone up on the back of geopolitical worries, following Iran’s pronouncement that it had successfully tested medium-range missiles capable of hitting Israel.
Iranian lawmakers have reportedly threatened to shut the Strait of Hormuz, where cargoes containing roughly 20 million barrels of oil per day pass through.