Oil firms spike up petroleum prices
-A A +ATuesday, July 17, 2012
MANILA -- Three oil companies raised prices of petroleum products Tuesday, the second spike this month, allegedly to reflect prices of crude oil in the international market.
Pilipinas Shell Petroleum Corp. and Petron Corp., two of the country's major oil firms, and independent oil company Eastern Petroleum, hiked pump price of gasoline by P1 per liter; diesel by P0.50 per liter; and kerosene by P0.35 per liter.
Shell and Eastern Petroleum enforced the price hike at 12:01 a.m. and Petron at 6 a.m.
Last July 10, oil companies enforced a price hike of P1.55 per liter on premium gasoline, P1.80 per liter on regular gasoline and P1.40 per liter on both diesel and kerosene that ended their 13 consecutive weeks of price rollbacks.
Oil firms tweak pump prices on a weekly basis, based on movements in the international market.
Meanwhile, other oil companies have yet to announce an adjustment as of posting Tuesday. (PNA/Sunnex)
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