Oil firms to raise pump prices by P0.40/l

OIL companies would raise prices of their petroleum products by 40 centavos per liter starting at 12 midnight of Wednesday, GMA Network radio and television reported Tuesday.

In an interview over GMA Network's radio station dzBB, Pilipinas Shell spokesman Roberto Kanapi said Shell would raise its prices by 12 midnight of Wednesday.

He blamed the increase to the rising cost of crude in the world market.

Kanapi added Shell would raise the price of liquefied petroleum gas by one peso per liter, or eleven pesos per 11-kilogram cylinder.

A "Flash Report" newscast said new oil players Flying V, Eastern Petroleum and Sea Oil would also raise prices at 12 noon Wednesday.

Kanapi said the increase in world crude prices was due to the move by the Organization of Petroleum Exporting Countries (OPEC) to cut production.

04/11/2003

Bron : Inq7.net

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