Fuel prices go up again

MANILA, Philippines -- Escalating prices of gasoline and liquefied petroleum gas in the world market prompted local oil firms to raise gasoline prices by 50 centavos a liter and cooking gas prices by 56 centavos a kilogram over the weekend.

First to raise prices was Pilipinas Shell Petroleum Corp. at 12:01 a.m. Saturday, followed by Petron Corp. and Chevron Philippines Inc. at 6 a.m.

Flying V was to hike prices at 12:01 a.m. Sunday, with Eastern Petroleum Corp. following suit at noon.

Seaoil Philippines Inc. will increase gasoline prices by the same level at 6 a.m. Monday.

Data from the Department of Energy show that the regional benchmark Dubai crude soared to an average of $64.61 a barrel in the May 1-30 period from the April average of $63.97 a barrel.

The price of unleaded gasoline based on the Mean of Platts Singapore (MOPS) benchmark for refined petroleum products surged to an average of $88.77 a barrel in the first 30 days of May from $83.64 a barrel in April.

The all-time high price of $92.53 a barrel for MOPS-based unleaded gasoline was recorded last May 18.

MOPS-based diesel inched up to an average price of $83.42 a barrel as of May 30, from the April average of $82.11 a barrel.

International gasoline prices have been soaring these past few weeks, ahead of the summer driving season in the United States, which started at the end of May.

Uncertainties surrounding Russia's tussle with oil giant BP are also seen further boosting gasoline prices, particularly amid strong demand for fuel right now.

This fuel price hike was the eighth for gasoline for a total of P4.50 a liter.

Since the start of the year, pump prices of gasoline have also been reduced by a total of P1.80 a liter.

LPG prices have so far gone up four times this year for a total of P2.80 a kilo, but have also gone down four times for a total of P2.24 a kilo.

This latest price hike brings premium unleaded gasoline prices to between P38.23 and P41.27 a liter and LPG prices to between P474.28 and P546.16 per 11-kilogram cylinder.

Source : business.inquirer.net