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Tuesday, February 14, 2012

Oil prices up again


Oil companies announced a new round of price hikes in their fuel products on Valentine's Day. Caltex, Petron and Shell said diesel prices would go up by P0.85 per liter while gasoline will increase by P0.50 per liter at 6 a.m.



Shell said its Fuel Save Unleaded, Premium, V-Power, and Regular Gasoline will increase by P0.50 per liter. This, a few hours after the Department of Enegy alerted motorists about another impending oil price hike. The DOE says imported fuels rose by $1 to $4/barrel in the world market. Normally, a one-dollar hike translates to a P.30 to P.30 per liter increase in local prices.
Shell says its kerosene, Fuel Save diesel, and V-Power diesel will rise by P0.85 per liter. Similar price hikes are being implemented by Caltex and Petron.


Meanwhile, transport groups have asked the government to fasttrack programs for alternative fuel.


Rolando Marquez, president of Liga ng Transportasyon at Operators ng Pilipinas (LTOP), pushed for the hastening of the development of the facilities for cheaper compressed natural gas.
Pasang Masda president Obet Martin said the group is already resigned that government cannot do anything about these price hikes. 

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