Shell, Seaoil raise prices of regular gas, kerosene effective Tuesday

MANILA, Philippines—Pilipinas Shell Petroleum Corp. and Seaoil Philippines are raising prices of regular gasoline by 50 centavos a liter and of kerosene by 25 centavos a liter effective Tuesday.

At the same time, however, both companies have also slashed the price of unleaded gasoline by 35 centavos a liter.

Independent player Eastern Petroleum Corp., meanwhile, decided to raise the price of its diesel products by 25 centavos a liter starting Tuesday, due to a $1-a-barrel increase in the prices based on the Mean of Platts Singapore (MOPS) benchmark for refined petroleum products.

Other oil companies had not announced their respective price adjustments as of this posting.

Global oil prices have again been on the uptrend, resulting in consecutive increases in the prices of petroleum products. On Tuesday last week, oil companies hiked prices of diesel by P1.10 a liter, kerosene by P1 a liter, unleaded gasoline by 30 centavos a liter and of regular gasoline by 60 centavos a liter.

According to the oil monitor report of the Department of Energy, world oil prices had inconsistent movements—moving up and down amid worries of improving demand, supply shortage from Libya, and the continued Euro Zone debt crisis.