Oil firms raise pump prices

MANILA, Philippines - Petroleum companies have raised prices of gasoline products as global oil prices have increased.

This is the second consecutive week that gasoline and kerosene prices went up.

First to announce was Petron Corp., which implemented a price hike on all fuel products effective 6 a.m. today.

Petron, the country’s largest oil refiner, increased gasoline prices by P0.35 per liter, diesel prices by P0.75 per liter, and kerosene prices by P0.80 per liter “to reflect movements in the international oil market.”

PTT Philippines, the local unit of Thailand’s largest petroleum company, also implemented the same price adjustments on its gasoline and diesel products.

For its part, Seaoil Philippines Inc. raised gasoline prices by P0.25 per liter, diesel prices by P0.80 per liter, and kerosene by P0.80 per liter.

Prior to price adjustments, the Department of Energy’s oil monitoring showed diesel prices ranged from P24.25 to P27.70 per liter and gasoline from P34.85 to P41.10 per liter.