Manila raises oil prices

Manila raises oil prices

MANILA (Reuter): The Philippines' Energy Regulatory Board (ERB) has approved an average oil product price hike of three centavos per liter, energy officials said.

ERB officials said the oil price rise, long sought by the country's three main oil companies, effective at 6:01 p.m. yesterday.

ERB officials said two centavos of the three-centavo rise will go to the country's oil firms, 0.50 centavo will go to dealers while the remaining 0.50 centavo will go to the haulers.

The approved increase is only a fraction of the 1.19 pesos per liter the oil firms demanded.

The fund was set up in the early 1980s to protect consumers from sharp fluctuations in foreign exchange values and world oil prices.

The fund is currently running a 7.6 billion peso deficit.