Shell hikes gasoline, kerosene prices; Chevron cuts diesel price

Oil giant Pilipinas Shell hiked prices of its oil products at 6 a.m. Friday, while Chevron (formerly Catex Philippines) announced Friday morning that it will roll back prices of its diesel fuel. "Please be advised that Shell will increase prices of gasoline and kerosene by P1.00 per liter and 75 centavos/liter respectively, effective 6 a.m. March 4, 2011, to reflect the movement in international product prices," Pilipinas Shell spokesman Bobby Kanapi said in an earlier text message to media. Meanwhile, Chevron spokesman Toby Nebrida, also in a text message to media, said "Effective Friday noon, Chevron will roll back prices of diesel by PhP 0.25/liter (inclusive of value-added tax)." Last last night, Chevron increased by P1/liter prices of its petroleum products. Several oil companies hiked prices of their fuel products by P1/liter early this week, even as the Energy Department warned consumers that another round of oil price adjustments might be possible this week due to movements of fuel prices in the world market. — LBG, GMA News