Chevron, Unioil won't increase oil prices next week

ABS-CBN News

Posted at Aug 10 2012 12:11 PM | Updated as of Aug 10 2012 10:46 PM

MANILA, Philippines (UPDATE) - Chevron Philippines and Unioil Petroleum Philippines said they are putting off increasing pump prices next week, following the lead of Shell, Petron and Seaoil. 

Chevron is not freezing prices of its petroleum products in areas affected by floods.

"While we are seeing an upward trend on prices of finished petroleum products in the world market, we will not raise our prices in these calamity-stricken areas in solidarity with our countrymen who are suffering from the effects of the non-stop rains," Raissa Bautista, Chevron manager for policy, government and public affairs, said.

On the other hand, Unioil said it is freezing prices of gasoline, diesel and LPG in all its retail stations nationwide until next week.

"This is to sympathize with our people affected by the southwest monsoon rains," Leah Flor, Unioil corporate communications officer, said.

Earlier, Petron said it will hold off any possible increases in its fuel products next week in Metro Manila, Bataan, Pampanga, Zambales, Bulacan, Laguna, Cavite, and Tarlac, as part of its efforts to help those affected by the heavy monsoon rains and flooding.

Shell and Seaoil said they will not implement any oil price hike next week as well in selected areas.

Based on estimates in the first 3 days of the week, gasoline prices are supposed to go up by P1.50 - P1.60 per liter increase, while diesel prices should go up P1.25 per liter next week.

Torrential rains in the last few days triggered heavy flooding in Metro Manila and nearby provinces. An estimated two million people were affected by the floods.