Gas prices up anew by 50 centavos/liter
By Abigail L. Ho
Philippine Daily Inquirer
First Posted 22:29:00 03/22/2008
MANILA, Philippines—Prices of gasoline, diesel and kerosene rose again yesterday by 50 centavos a liter as world oil prices continued to escalate.
Pilipinas Shell Petroleum Corp. and Eastern Petroleum Corp. adjusted their prices at 12:01 a.m., Petron Corp. at 6 a.m., and Chevron Philippines at noon.
According to the Department of Energy, the regional benchmark Dubai crude soared to $96.52 a barrel as of March 14 from $90.02 a barrel last month.
The price of unleaded gasoline based on the Mean of Platts Singapore (MOPS) benchmark for refined petroleum products skyrocketed to $110.46 a barrel in the first 14 days of March from the February average of $105.07 a barrel.
MOPS-based diesel likewise surged to $126.21 a barrel over the same period from $113.32 a barrel the month before.
To ease consumer burden, the DOE last week signed a certification reducing the tariff on crude and petroleum product imports from 2 percent to 1 percent starting April 1.
The latest adjustments brought the prices of premium unleaded gasoline to between P43.37 and P47.65 a liter, diesel to P35.91 and P40 a liter, and kerosene to P41.30 and P45.80 a liter.
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