MANILA, Philippines—For A fifth straight week, oil companies jacked up fuel prices but only in areas not affected by last week’s rains and floods.
Effective on Tuesday, Pilipinas Shell Petroleum Corp., Petron Corp., Total Philippines and Seaoil Philippines raised premium gasoline prices by P1.80 per liter, regular gasoline by P1.70, kerosene by P1.60 and diesel by P1.50.
The companies reiterated the increases would not be implemented in Metro Manila and parts of Laguna, Cavite, Rizal, Zambales, Bulacan, Pampanga and Bataan.
The Department of Energy said oil prices surged to a near three-month high during the Aug 6-10 trading days. This uptrend, it said, was driven by increased tensions in the Middle East and optimism that economic growth would accelerate with central banks boosting efforts to lift growth.