Shell to hike pump prices Thursday

MANILA, Philippines - Major oil firm Pilipinas Shell will increase its petroleum prices on Thursday to reflect higher product costs. In a text message to reporters, Shell's vice president for communications Roberto Kanapi said the company will raise diesel and kerosene prices by P1 per liter and gasoline prices by P0.50 per liter. The increase would take effect 12:01 a.m. Thursday, Kanapi said. Other oil firms have yet to make an announcement if they will match Shell's move. - Aie Balagtas See, GMANews.TV