Oil firms hike prices

THREE oil firms jacked up pump prices on Tuesday following the increase of the world petroleum prices.

Chevron Phil. Inc, Phoenix Petroleum Philippines and Seaoil Philippines increased the prices of diesel, kerosene and regular gasoline by P0.75 per liter effective 6 a.m. Tuesday.

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Based on the monitoring of the Department of Energy (DOE), current prices of unleaded gasoline range between P40 and P45 per liter with a common price of P42.

Diesel prices, on the other hand, range from P32 to P35 per liter.

As of last week, international prices of Dubai Crude stood at $72 per barrel. International price of unleaded gasoline was at $82 per barrel while diesel price was at $85 per barrel.

The increase came as the Davao-based Phoenix reported on Tuesday a 177 percent rise in income for the first six months of the year, from P2.218 billion to P6.138 billion.

Phoenix said it remains bullish for the year as the five-year old company plans to expand to 150 stations across the country from the current 133 outlets.

The company is engaged in the storage, hauling and distribution of petroleum products in the Philippine market through its national retail network and to institutional accounts. (Virgil Lopez/Sunnex)