FOUR oil companies raised pump prices by as much as P0.70 per liter starting Tuesday to reflect higher prices in the world market.
Eastern Petroleum, PTT Philippines, Pilipinas Shell and Flying V raised prices by P0.70 per liter of diesel, P0.55 per liter of kerosene and P0.30 per liter of gasoline, and the other companies were expected to follow suit.
“Please be advised that Eastern Petroleum will hike the price of diesel by P0.70 per liter and unleaded and premium gasoline by P0.30 per liter at 6 a.m. on Tuesday,” the company said.
World oil prices went up due to reports of a decline in active US oil rig count.
The reports of a drop in US oil production of 100,000 barrels per day last week also pushed up prices.
Meanwhile, Pilipinas Shell Petroleum Corp. said Monday it was extending its refinery’s scheduled maintenance shutdown beyond July 2, but that supply would remain adequate.
“Following the inspection and subsequent technical assessment by our highly trained refinery personnel, it was determined that certain equipment required more rigorous repair methods, and therefore more time, to ensure the continuing safety and reliability of the plant,” Shell said in a disclosure to the Philippine Stock Exchange.
Shell’s 110,000-barrels-per-day refinery in Batangas had shut down for preventive maintenance in early May.
But Shell officials could not say when the refinery would resume operations.