Oil firms hike prices

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Five oil companies on Tuesday increased the prices of their products.

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Petron, Shell, PTT, Seaoil and Phoenix Petroleum raised the price of gasoline by 20 centavos per liter, diesel by 30 centavos per liter and kerosene by 55 centavos per liter.

The oil firms said the latest price adjustment tracked movements in the world market.

Energy Secretary Carlos Jericho Petilla on Monday clarified that the price hike was caused by market forces, not by the worsening crisis in Iraq.

Petilla explained that the country does not import crude from Iraq, the second-biggest oil exporter in the 12-nation Organization of Petroleum Exporting Countries (OPEC) after Saudi Arabia.

He said the Philippines gets finished oil products from Asian markets and kingpin Saudi Arabia.

On June 9, most of the oil companies decreased their prices of gasoline by 90 centavos per liter, diesel by P1.10 per liter and kerosene by 70 centavos liter.

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