Sunday, April 15, 2007 Gas prices go up by 50 centavos
FOUR oil companies again adjusted their pump prices by P50 centavos per liter.
Pilipinas Shell Petroleum Corporation, Chevron Philippines Inc., Total Philippines Corp. and Eastern Petroleum Corporation (EPC) the rise in crude prices in the world market prompted the increase.
"We have to increase the price of our petroleum products to recover additional cost of acquisition as reflected in the international market in the last two months," said EPC chairman Fernando Martinez.
Oil giant Petron Corporation and other oil players are also expected to follow the same.
The latest oil price monitoring by the Department of Energy (DOE) showed that Dubai crude averaged US$58.03 per barrel, more than three dollars more than the US$55.75 price set in February.
Before the increase, the price of gasoline in the country was at P34 to P36.30 per liter. (MSN/Sunnex)
