Local pump prices increased again early Saturday as world oil prices continued to surge.
Pilipinas Shell Petroleum Corp. increased prices for gasoline, diesel and kerosene by P1.50 per liter, and liquefied petroleum gas by P1.00 per kilogram at midnight.
Petron Corp., Chevron Philippines (formerly Caltex), Total Philippines, Seaoil, Flying-V, Unioil and Eastern Petroleum implemented the same price hike at 6 a.m.
Retail gas prices have increased by P8 since January this year and diesel prices by P9 per liter.
Energy Secretary Angelo Reyes expressed concern over the effects of the weakening peso to the fuel price situation.
A stronger dollar may mean additional price hikes, since the country will need more greenbacks to purchase for imported oil.
Meanwhile, world oil prices, which have soared five-fold since 2003, posted their highest ever one-day gain of $10.75 to close at a new record of $138.54 in New York Friday. With a report from Agence France-Presse