Oil companies hike pump prices

Posted at 06/22/10 6:03 PM

MANILA, Philippines - The country's three largest oil companies, raised pump prices by P1 per liter on Tuesday  to reflect the recent increase in global petroleum prices.

Pilipinas Shell Petroleum Corp, adjusted its prices at 1 a.m. on Tuesday, while Petron Corp. and Chevron Philippines followed suit at 6 a.m.

Independent oil player Phoenix Petroleum also raised its prices.

The oil companies said the increase was due to the recent steady rise in crude oil prices,  tracking the uptrend in global equities markets.

Oil prices were also bolstered by a report that US oil inventory fell by 1.4 million barrels last week.

Gasoline prices in the region also rose due to refinery turnarounds in South Korea and China, along with import demand for India. 

The recent round of oil price hike came less than two weeks after oil companies cut prices by 50 centavos per liter for gasoline and 25 centavos per liter for diesel and kerosene.

Unleaded gasoline is currently sold at between P42.20 to P44.50 per liter, diesel at P33.40 to P35.60 per liter and kerosene at P41.28 to P45.80 per liter.