Pilipinas Shell Petroleum Corporation on Friday became the first of the "Big 3" oil companies to announce its new round of increase in its pump prices following an earlier announcement of two independent oil firms.
Roberto Kanapi, Pilipinas Shell spokesman, said that the oil firm’s pump prices of gasoline, diesel and kerosene will increase P0.50 per liter effective 12:01 a.m. Saturday.
Kanapi also announced a rollback in their liquefied petroleum gas products by P0.50 per kilogram effective the same time.
UniOil first to announce
Independent oil player UniOil Petroleum earlier Friday said it will increase prices of its pump products P.50 per liter effective 6 a.m. Saturday.
Total Philippines followed with a P0.50 per liter (VAT included) increase in its gasoline, diesel and kerosene pump prices also effective 6 a.m. Saturday.
Total also said its LPG product will be reduced by P0.50 per kilogram (before Value-Added-Tax) effective 12:01 a.m. Saturday.
Last week, oil firms also increased pump prices at P0.50 per liter last Saturday. Last weekend's increase was the fourth this month making this round the fifth.
The three firms attributed its latest increase in pump prices to the "continued increase in the prices of petroleum products in the world market."
Other oil comapnies are expected to announce their price changes over the weekend.
LPGMA rollback
The LPG Marketers Association (LPGMA) announced Friday a rollback in the price of its LPG by P0.50 per kilogram and Autogas by P0.50 per liter effective Saturday, March 29.
"Rollback is due to $40 drop in international contract prices." says Arnel Ty, LPGMA president in a text message.
If the downward trend continues, Ty adds another round of weekly rollbacks may take effect on April.
"This is the first rollback we had for March, but the 9th for the whole year," according to Ty.
Source: www.abs-cbnnews.com
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