OIL companies once more increased the prices of their petroleum products as a means to recover their losses due to the high contract prices in the international market.
Petron Corporation, the country's leading oil refiner together with Pilipinas Shell, Chevron Philippines and Total Philippines Inc., all imposed a price increase in the retail price of petroleum products.
Three oil giants Petron, Shell and Chevron said they are implementing effective 6 a.m. of Saturday a P1 per liter increase in the prices of gasoline while P0.50 per liter increase in diesel and kerosene.
Petron also reported that they are increasing the prices of liquefied petroleum gas (LPG) by P0.50 per kilogram.
Month-to-date, Dubai prices for the month of May increased by US$12 per barrel (for gasoline, diesel and kerosene) to US$115.46 per barrel from US$103.41 per barrel in April.
LPG (liquefied petroleum gas), on the other hand, has increased by US$42.50 per metric ton to US$852.50 in May, Petron added.
Total Philippines meantime said they are increasing the prices of their gasoline and diesel by P1 per liter and P0.50 per liter for kerosene and P0.50 as well per kilogram of LPG.
Fuel firms earlier said they need to recover at least P7 for the month of April alone and another amount for the month of May should the prices in the international market continue to go up.
Since January, the accumulated price increases made by oil firms already reached P7. (MSN/Sunnex)
