Shell, Eastern Petroleum to Hike Gas Prices by 10 c/ltr

Pilipinas Shell Petroleum Corp. and Eastern Petroleum said they will hike their gasoline prices by 10 centavos per liter on Tuesday.

Shell will implement the increase at 12:01 a.m., while Eastern’s price change will take effect at 6 a.m.

The two companies had not mentioned any price movements for its diesel and kerosene products.

According to the Department of Energy’s (DOE’s) oil price monitor observed on Sept.8, gasoline has a price range of Php 36.00-43.95, with a common price of Php 41.15.

Meanwhile, diesel, since it had no price changes, will retain its current price range of Php 25.05-28.40. It will also have a common price of Php 25.90.

DOE Officer-in-Charge (OIC) Secretary Zenaida Monsada said Monday that an oil glut was still experienced in the global markets.

She noted there was a huge crude demand in Malaysia last week, along with other bulk purchases from the Middle East and Europe.

As a whole, Monsada said the global crude market was quiet. (PNA) RMA/BNB/JLD