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Bacolod City, PhilippinesWednesday, April 13, 2011
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Oil rates up by P1.50 per liter‏

Pilipinas Shell Petroleum Corporation and Chevron Philippines raised gasoline and diesel prices by P1.50 per liter effective 6 a.m. yesterday.

Shell and Chevron in separate advisories said regular gasoline will also go up by P1.25 per liter and kerosene by P1.40 per liter.

Shell said the move is to "reflect the increase in international oil prices."

The Department of Energy said international prices have been volatile due to several events in the world market.

It said oil prices remain supported by conflict in Libya and Middle East turmoil and concerns remain about global supply disruptions.

The market has also been affected by the arrests of cyber activists and Shi'ites in Bahrain and protests in Syria.

Another factor is the United States economy, which added 216,000 new jobs in March and the expected growth in demand for vehicles in China.

Dubai crude went up between $111 to $115 per barrel during the week of April 4 to 7 from below $110 per barrel from March 28 to April 1, up around $5 per barrel.*PNA


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