Three oil firms — Shell, Chevron, and Total — raised the prices of regular gasoline by P0.70 per liter, unleaded gasoline by P0.60 per liter, diesel by P0.25 per liter, and kerosene by P0.40 per liter effective 6:00 a.m. on Tuesday. The other oil firms are also expected to raise fuel prices due to the increase in world oil prices. Oil firms have just raised fuel prices by P1.50 per liter a week ago on April 12. The adjusted domestic pump prices are now at:
P46.70 to P49.25 per liter for diesel, and gasoline is at P54.30 to P61.51 per liter. Aside from higher imported fuel costs, Shell said the costs of ethanol and biodiesel product also moved up. The fuel prices in the international market from April 4 to 8 moved up last week to: Dubai crude: $116 per barrel (from $115 per barrel) unleaded gasoline: $129 per barrel ($128 per barrel), and diesel: $141 per barrel (from $140 per barrel). 13 oil price hikes Since the start of 2011, oil prices have gone up 13 times but diesel went down once and gasoline twice. The year-to-date net increase for gasoline is P8.55 while for diesel, it is P9.85. Meanwhile, the Foundation for Economic Freedom (FEF), an advocacy institution promoting market-friendly policy reforms, lauded the Aquino administration's move to give subsidies to vulnerable groups such as public utility vehicle (PUV) drivers. "Broad stroke populist measures being pushed like special exemption of all oil products from VAT, re-establishment of the oil price stabilization fund, or worse, price controls, will surely lead to price distortions, misallocation and inefficiencies in the use of an expensive resource, fiscal wastes due to subsidization of those who do not need help, and supply shortages," the FEF said. The group also expressed support for the Department of Energy's (DOE) move to: monitor oil price movements both in the international and local markets; provide greater transparency in computing local petroleum product prices, and require oil companies to explain their price adjustments, among others. Among the fellows of FEF are Philip Medalla, Calixto Chikiamco, Romeo Bernardo, Roberto de Ocampo, Ernest Leung, Gerry Sicat, Arsenio Balisacan, Boo Chanco, Dante Canlas, among others. Advisers are Cesar Virata and Ramon del Rosario. – VVP/OMG, GMA News 
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