MANILA, Philippines - Pilipinas Shell Petroleum Corp., PTT Philippines and Seaoil Philippines have raised gasoline prices by 50 centavos per liter and reduced the price of diesel products by the same amount effective today.
Shell and Seaoil will also roll back the price of their kerosene products by P1 per liter.
The oil firms said the recent price adjustments were consistent with the movements of the crude prices in the international market.
As of press time, other petroleum players have yet to announce if they will also adjust their prices.
As of Feb. 3, 2009, the average price of Dubai crude, the benchmark being used by country’s oil refiners, increased in January by $4 per barrel over December.
Gasoline prices, on the other hand, increased by about $11 per barrel in contrast to diesel whose average price declined by about $2 per barrel, compared with December.
The Contract Price (CP) of LPG (at 30 percent propane and 70 percent butane) increased as well by $125 per metric ton, from $380/MT in January to $505/MT this month. – Donnabelle Gatdula