Chevron, Eastern raise fuel prices

MANILA, Philippines - Chevron Philippines Inc. and Eastern Petroleum Corp. (EPC) have raised the prices of their petroleum products effective today.

The two oil firms said they have increased the prices of their diesel and kerosene products by 25 centavos per liter.

EPC chairman Fernando Martinez said the latest oil price adjustment is “in view of the higher weekly average of international price of finished products versus the previous week, even with the peso appreciation.”

They also jacked up the price of their regular gasoline by 50 centavos per liter.

Other petroleum companies have yet to announce if they will follow the move of Chevron and EPC.

Last Oct. 25, the oil companies rolled back the price of diesel and kerosene by 50 centavos and regular gasoline by 25 centavos per liter.

Oil players adjust their prices every week to reflect the true costs of petroleum products in the local market. The weekly adjustments, they believe, would be more transparent.