TWO oil giants and four other small oil players adjusted prices of their fuel products to reflect price movements in the world market.
Pilipinas Shell Petroleum Corp. (PSPC) was the first to implement the increase of 50 centavos per liter for gasoline and 25 centavos per liter for diesel and kerosene at 12:01 a.m. Tuesday.
Chevron Philippines, formerly Caltex, together with Unioil Philippines, Seaoil Philippines, Eastern Petroleum, and Phoenix Petroleum Philippines Inc., increased their petroleum products around 6 a.m.
The oil companies said the price hike is in lieu of the international prices adjustment as well as local market competition.
The Mean of Platts of Singapore (MOPS), the benchmark for international prices, indicated that Dubai crude increased by US$4 per barrel from the average of US$73 per barrel last month to US$77 per barrel average as of today.
Unleaded gasoline also inched by US$4 per barrel from the average of US$87 last February to US$91 per barrel this month while diesel increased by US$3 per barrel from US$84 per barrel to US$ 87 per barrel.
Based on the monitoring conducted by the Department of Energy (DOE) gasoline are being sold at P42 to P44.50 per liter, diesel at P32 to P35.30 per liter, and kerosene at P40 to P46.75 per liter.
Last week, oil companies increased prices of their gasoline products by P1 per liter and 75 centavos per liter for both diesel and kerosene. (MSN/Sunnex)