Shell fuel prices up by P1.50/liter Saturday
Filed under The Nation by Pangasinan Today on 27-06-2008
Pilipinas Shell spokesman Bobby Kanapi said the weekend increase is part of the incremental hikes being imposed by the oil company to catch up on its underrecovery.
“It’s safe to say we will adjust prices by P1.50 tomorrow (Saturday),” Kanapi told radio dzMM.
He said he would have to advise the Department of Energy before making an official announcement about the latest price adjustment.
Last week, Energy Secretary Angelo Reyes summoned again oil company executives after the price adjustments over the weekend.
Reyes said the department wants to determine how much is the oil companies’ underrecoveries.
The Big 3 — Shell, Petron and Caltex – and small players Total and UniOil on June 21 increased prices of gasoline, diesel and kerosene products by P1.50 per liter.
More increases till August
Kanapi, meanwhile, said the weekly price adjustment of oil products may continue until August.
Oil nearly breached the $140 per barrel mark at the world market on Thursday.
He said oil companies have been hoping a decline of oil prices for the last two weeks. However, he said the prices of oil products may not go down with the current movement at the world market.
Kanapi said vehicle owners should start saving fuel and look for ways on how to avail of oil product discounts.
He advised private car owners to use ethanol-mixed gasoline or diesel to save at least P2 per liter of fuel.
He, however, said the ultimate way to save fuel money is to reduce travel time.
