MANILA — Pilipinas Shell Petroleum Corp. has raised prices of unleaded premium gasoline by 50 centavos a liter, diesel by 60 centavos a liter and of kerosene by 40 centavos a liter, effective Tuesday, to reflect the continued uptrend in the world oil market.
The price hikes were roughly the same as the estimates of the DOE which expected oil companies to raise prices of gasoline by 44 centavos a liter and of diesel by 60 centavos a liter.
Other oil companies, however, had yet to make their respective announcements as of Monday evening.
According to a DOE oil monitor report dated June 7, the higher price trends seen over the past weeks were due to several events including the weak US dollar over other currencies; intensifying unrest in Yemen; and continued political unrest in other oil-rich countries in the Middle East/North Africa region. INQUIRER