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Bacolod City, PhilippinesWednesday, February 23, 2011
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Oil firms hike rates
by P0.50 per liter

Chevron (formerly Caltex) and Total Philippines raised the price of unleaded gasoline, diesel and kerosene up P0.50 per liter effective 6 a.m. Monday.

Other oil firms have not announced their respective price hikes as of yesterday.

Oil firms adjust pump prices weekly to reflect the movement in world oil prices week-on-week.

Documents from the Department of Energy showed that oil prices now range at P48.50 to P54.05 per liter for unleaded gasoline, P40.25 to P42.55 per liter diesel and P48.30 to P53 per liter for kerosene.

Dubai crude is currently at around $98 per barrel, unleaded gasoline at P109 per barrel and diesel at $117 per barrel.

Last week, the LPG Marketers Association said it will cut prices of cooking gas by P0.50 per kilo.

LPGMA president Arnel Ty said that the group cut liquefied petroleum gas prices for a total of P2.50 per kilo due to the softening of LPG contract prices in the world market in February.

The oil firms, however, did not cut oil prices last week.*PNA



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