Pinoys back to reality: Fuel prices spike again

A day after they went ecstatic over another victory of boxing champ Manny Pacquiao’s over Puerto Rico's Miguel Cotto, Filipinos crashed back to reality Monday as they faced a sudden hike in fuel prices. Radio dzBB reported that in eastern Metro Manila, fuel firms hiked prices of diesel by P2/liter and gasoline by P1.25/liter effective 6 a.m. Monday. "The price hikes will take effect 6 a.m., and cover diesel and gas," said Randy Grijaldo of a Seaoil station along Pasig Boulevard. The fuel price hikes stemmed from President Gloria Macapagal Arroyo’s lifting of Executive Order 839 last Friday, after a stakeholders’ meeting with representatives of oil firms. President Arroyo had agreed to lift the EO but on condition that fuel firms raise their prices on a staggered basis so that transport groups need not raise fares, at least until Christmas. EO 839 had frozen fuel prices at October 15 levels, citing the state of calamity in Luzon due to tropical cyclones Ondoy (Ketsana) and Pepeng (Parma). A report by dzBB’s Sam Nielsen said that before the lifting of the EO on price cap, Seaoil sold diesel at P28.60/liter, unleaded at P35.85/liter, and premium at P39.75/liter. On the other hand, Petron sold diesel at P28.60/liter, unleaded at P35.85/liter, XCS at P40/liter, and Blaze at P45.10/liter. Also, before the EO lifting, Chevron sold diesel at P27.75/liter, Silver at P36.69/liter, and Gold at P37.30/liter. Shell sold diesel at P27.85/liter, unleaded at P36.84/liter, and Super Premium at P37.30/liter. - GMANews.TV