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By Euan Paulo C. Añonuevo, Reporter
Oil refiners Petron Corp. and Pilipinas Shell
both announced at the start of the weekend an increase in the price
of their gasoline, diesel and kerosene products by P0.50 per liter.
Prior to the oil firms’ price hike, gasoline
prices were averaging at about P 44.96 per liter, while diesel was
averaging at P 37.94 per liter.
Other oil companies have yet to make similar
announcements as of press time, but are expected to follow suit.
Bobby Kanapi, Shell spokesperson, said in a
text message that the price hike, the third implemented by oil
companies for the month, was brought about by a “significant
increase in world oil prices.”
Last week, the average price of Asian Dubai
crude increased by about $5 per barrel over the February average.
Alson, the averages of gasoline and
diesel-finished products were higher by about $4 per barrel and $10
per barrel, respectively, over the previous month-levels.
The Department of Energy (DOE) said in its
regular oil monitoring that world oil prices continued to hit record
highs amid lingering supply concerns as the US dollar plumbed fresh
lows against the euro.
Analysts foresee oil prices could ease in the
coming months amid concerns of US slowdown. However, other analysts
believe that if US demand declines, the surging energy demand from
China and India would absorb what would normally go to the US.
Hence, oil price increases will show little signs of abating.
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