Oil firms hike petroleum prices

ABS-CBN News

Posted at Oct 05 2010 06:29 PM | Updated as of Oct 06 2010 02:29 AM

MANILA, Philippines - Several oil firms have raised prices of their petroleum products Tuesday.

Caltex Philippines Inc., Seaoil Philippines and Phoenix Petroleum Philippines Inc. hiked gasoline and diesel prices by 50 centavos and 25 centavos per liter, respectively.

They noted the price adjustments were meant to reflect the upward movement in the prices of refined petroleum products in the world market.

Meanwhile, liquefied petroleum gas (LPG) dealers said they will not increase prices in the next few weeks.

"We are not increasing prices as competition is really stiff now at the market. Nobody wants to move their prices given the prevailing lower demand," said LPG Marketers Association president Arnel Ty.

The contract price of LPG rose to $698 per metric ton this month from only $644 per MT in the previous month.