Saturday, April 12, 2008
Oil prices up again; 7th hike for 2008 (12:41 p.m.)
MANILA -- Oil firms, for the seventh time this year, raise the prices of their petroleum products by P0.50 per liter.
Petron Corporation, Pilipinas Shell as well as independent oil companies Unioil Petroleum, Flying V and Eastern Petroleum said the increased was a result of the continuing price hikes in the international market.
As early as 12:01 a.m. of Saturday, Shell together with Unioil, Flying V and Eastern Petroleum imposed the P0.50 per liter hike in the pump prices of gasoline, kerosene and diesel.
Petron implemented the oil price hikes at 6 a.m. Saturday.
The average of Dubai crude was placed at US$98.03 per barrel or US$1.27 higher than the March average.
"Dubai reached an all time high of US$102.18 on April 10," Raffy Ledesma information manager of Petron said in a statement. (MSN/Sunnex)
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