Chevron, Eastern Petroleum raise fuel prices

Oil giant Chevron Philippines Inc. and independent player Eastern Petroleum Corp. on Monday raised gasoline prices by P0.50 per liter, saying it was due to higher crude prices in the world market. Chevron and Eastern Petroleum also increased the price of diesel and kerosene by P0.25 a liter. The two other major oil firms, Petron Corp. and Pilipinas Shell Petroleum Corp., have yet to say if they will follow suit. Last Oct. 25, the oil companies rolled back the price of diesel and kerosene by P0.50 a liter and gasoline by P0.25 a liter. According to the Organization of the Petroleum Exporting Countries, crude prices went up to $84.33 a barrel as of Nov. 11 from $80.14 in October. — JE, GMANews.TV