Shell, Eastern Petroleum hike gas prices by up to P2/liter

MANILA — Pilipinas Shell Petroleum Corp. and Eastern Petroleum Corp. are increasing prices of unleaded gasoline by P2 a liter, regular gasoline by P1.50 a liter, and of diesel and kerosene by 80 centavos a liter, effective today.

Shell said in a statement that the latest oil price adjustment reflected a surge in the prices of fuel products in the global market last week. This week’s price hike had also more than offset the rollback implemented by oil companies the previous week.

“What we’ve seen is the anticipation for an increase in demand in oil especially during this time of the year, so the market reacted,” Energy Undersecretary Jose M. Layug Jr. said.

In an interview, Layug also pointed out that the continued conflict affecting the oil producing countries in the Middle East pushed prices up.

Prior to this oil price hike, diesel prices ranged from P41.70 a liter to P46.20 a liter, while gasoline retailed for P49.65 a liter up to P56.57 a liter.

As of July 3, the year-to-date net increase of diesel stood at P4.80 a liter and for gasoline, P5.22 a liter.

Meanwhile,UK-registered Pitkin Petroleum Plc is acquiring a 70-percent participating interest in Service Contract 6A off northwest Palawan.

The firm signed the Farm-in Agreement and Deed of Assignment among parties yesterday.

In a disclosure to the Philippine Stock Exchange, The Philodrill Corp., one of the farming out parties in the agreement, said that in exchange for the 70-percent stake, Pitkin would acquire, at its own cost, 500 square kilometers of 3D seismic data, worth $5 million.

Pitkin, should it exercise its options, is expected to drill up to two exploration wells within the Octon block, still at no cost to the farming out parties.   /inquirer