AFX Europe (Focus); Philippine oil firms raise pump prices for second time in a week (ShellNews.net)
Aug 24, 2004
MANILA (AFX) - Pilipinas Shell Petroleum Corp, Caltex Philippines Inc and two small oil industry players have announced a further increase in pump prices of their gasoline and other petroleum products by an average of 0.35 pesos per liter -- barely a week after the most recent price hike of 0.30 pesos per liter.
Total Philippines Inc and Seaoil Philippines Corp said they have also raised their pump prices by the same amount, citing recent increases in crude prices in the international markets.
Shell's and Caltex's major rival, listed Petron Corp, which is partly-owned by the government, has yet to announce a price adjustment, although it is widely expected to match the price hike announced by its competitors.
Shell, Caltex and Total have also decided to increase the price of their liquefied petroleum gas (LPG) products, sold in cylinders, by 0.20 pesos per kilogram.
(1 usd = 55.8 pesos)
edc/swp