Oil firms raise prices of diesel, gasoline

MANILA, Philippines — Local oil firms raised pump prices of diesel by 10 centavos per liter and gasoline by 60 centavos per liter amid rising hopes on improving demand, especially in the United States.

Shell, Seaoil, Cleanfuel, Phoenix, Total and PTT announced the price changes effective 6 a.m. on Tuesday.

Future contracts for Brent crude, the international benchmark, were pegged at $42.28 per barrel as of this writing after fluctuations from $41.94 per barrel on Aug 10.

The Asian bellwether, Dubai crude, was at $43.59 per barrel, after similar volatile moves from $43.61 a week earlier.

—Ronnel Domingo