Gasoline prices up 50¢/liter

MANILA, Philippines - Several oil companies raised prices of regular and premium gasoline, diesel and kerosene products at 6 a.m. yesterday.

Petron Corp. raised prices of gasoline by P0.50 per liter, diesel by P0.40 and kerosene by P0.25.

Pilipinas Shell Petroleum Corp. announced price hikes of P0.50 per liter for gasoline, P0.40 for diesel and P0.25 for kerosene.

Chevron Philippines jacked up prices of its Gold and Silver products by P0.50 per liter, diesel by P0.40 and kerosene by P0.25.

Independent oil firm Flying V increased prices of its Rush, Thunder, Leadfree (Volt) and regular gas by P0.50 per liter.

Flying V also hiked biodiesel prices by P0.40 per liter; and kerosene by P0.25 per liter.

The oil firms said the hike in local pump prices was necessary following the movements in the global crude market.

Gasoline prices may go up to P51 per liter, while diesel prices may increase to P39 per liter.

For the past several weeks, oil companies have been reducing pump prices of gasoline, diesel and kerosene.

The oil price hike comes just after Manila Electric Co. (Meralco) announced an increase in electricity prices effective April.

Meralco said electricity rates would increase by 27 centavos per kilowatt-hour (kwh) in the April bills of the average residential consumers with a 200-kwh monthly consumption.

Generation and transmission charges have increased as the cost of power and electricity usage increased in March, Meralco added.

Daily electricity usage increased by 5 percent in March, compared to February as customers use more electricity to beat the summer heat, Meralco said.