RP pump prices rise 4 percent

RP pump prices rise 4 percent

MANILA (AFP): Philippine oil refiners raised gasoline pump prices by an average 4 percent to reflect the peso's plunge against the dollar, the firms said yesterday.

The new prices will take effect today, they said.

Market leader Petron Corp. raised prices for five oil products by an average 3.88 percent while competitor Pilipinas Shell Petroleum Corp. increased its prices an average 4.35 percent.

Petron said the price of premium gasoline rose from 11.40 pesos to 11.89 pesos a liter (43.85 pesos to 45.73 pesos a gallon), premium unleaded from 10. 74 pesos to 11.23 pesos a liter (41.31 pesos to 43.19 pesos a gallon) and regular from 10.04 pesos to 10.44 pesos a liter (38.62 pesos to 40.15 pesos a gallon).

Petron's kerosene prices increased from 6.43 pesos to 6.78 pesos a liter (24.73 pesos to 26.08 pesos a gallon) while diesel climbed to from 7.65 pesos to 7.75 pesos a liter (29.42 pesos to 29.91 pesos a gallon).

Liquefied petroleum gas prices jumped to 156.40 pesos a cylinder from 151.45 pesos.

Petron said in a statement the adjustments were made "to reflect the deterioration of the peso vis-a-vis the U.S. dollar as well as the current level of crude prices in the international market."

The peso closed unchanged from Friday's finish at 29 pesos to the greenback but the currency has dropped sharply since being allowed to trade in a wider daily band on July 11.

The Philippines deregulated the oil industry this year, allowing oil firms to adjust prices on their own without government regulation.

Caltex Philippines, Inc., the third of three oil firms operating in the country, did not announce its prices.