Shell, Chevron raise pump prices


Posted at Apr 12 2011 10:22 AM | Updated as of Apr 12 2011 10:39 PM

MANILA, Philippines - Oil companies hiked pump prices anew on Tuesday.

Pilipinas Shell, Chevron Philippines and Total said they increased diesel and unleaded gasoline prices by P1.50 per liter.

Regular gasoline and kerosene prices were also raised by P1.25 and P1.40 per liter, respectively.

The companies said the adjustment was due to higher crude prices in the world market.

Energy Secretary Jay Layug, meanwhile, said the price hike was justified.

"They submitted data, explanation showing the primary cause of deviation is a spike in price of buyer ethanol in the international market. They were able to justify."