Oil firms to hike pump, LPG prices

ABS-CBN News

Posted at Jun 06 2008 05:45 PM | Updated as of Jun 07 2008 01:45 AM

Major oil companies are set to increase prices of petroleum and liquefied petroleum gas products on Saturday.

The oil companies, who refused to be named, said they will increase diesel, kerosene, and gasoline products by P1.50 per liter by Saturday morning. The price of liquefied petroleum gas (LPG) will also go up by P1.00 per kilogram, the oil companies said.

Several dealers interviewed by ABS-CBN refused to be named after Energy Secretary Angelo Reyes ordered oil companies and small LPG dealers to stop announcing projections on possible price adjustments of their products.

Before the gag order, an oil company representative said local pump prices could increase by P1.50 per liter weekly until gasoline prices reach P65/liter.

Last weekend, the prices of fuel products increased by P1.50. The latest increase brought gasoline prices to about P55 per liter and diesel to P48. Kerosene had also increased between P48.30 to P53.50.

The energy secretary had said that the Department of Energy will investigate local oil companies and distributors of liquefied petroleum gas for allegedly imposing price increases that do not reflect actual fluctuations in the world market. With a report from Alvin Elchico, ABS-CBN News