MANILA, February 22 ---- Consumers might wake up to higher oil prices this week given continued external developments jacking up international prices, oil firms warned yesterday. For independent oil player Eastern Petroleum Corp., prices of gasoline and diesel might increase by P1 per liter and P0.50 per liter, respectively, an official said.

An official of major oil firm Petron Corp. said they might jack up prices by P1 per liter for gasoline and P0.30-0.50 per liter for diesel and kerosene. Geopolitical issues in Iran are squeezing supply while creating increased demand for oil inventory. Euro zone finance ministers yesterday approved the second tranche of the bailout package for debt-ridden Greece worth 130 billion euro, removing the risk of a sovereign debt default next month and a possible global contagion.

Last Feb. 14, oil companies implemented a fresh round of oil price hikes to reflect an increase in world prices. Petron, Pilipinas Shell Petroleum, Chevron Philippines, SeaOil and Total Philippines increased pump prices of regular and premium gasoline by P0.50 per liter and diesel by P0.70-0.85 per liter. It is the sixth oil price increase this year as against two price reductions.

Source: philstar.com