Major oil firms Pilipinas Shell and Chevron Philippines (formerly Caltex) announced late Monday night price increases on their pump products by as much as P0.85 a liter. Both companies’ hike took effect at 6 a.m. Tuesday.

Shell Spokesman Bobby Kanapi said they raised their prices of V-Power, premium, and unleaded gasoline by P0.70 a liter; kerosene by P0.20 a liter; regular unleaded by P0.85 a liter; and diesel by P0.40 a liter. The hike was made to reflect the movement in international prices, Kanapi added.

Chevron Spokesman Toby Nebrida said the company hiked its retail prices of Gold, Gold E10, Silver, Silver E10 by P0.70; regular by P0.85; kerosene by P0.20; and diesel by P0.40.

Tuesday, Fernando Martinez, chief executive officer of independent player Eastern Petroleum Philippines, bared that they also jacked up prices at 6 a.m. although only prices of unleaded and diesel were moved at P0.70 a liter and P0.40 a liter, respectively.

There were no announcements from other oil players as of press time.

Industry insiders earlier floated the possibility of another fuel price increase this week due to the continuing unrests in oil-producing countries in North Africa and the Middle East.

Local oil firms adjusted pump prices 12 times for the first quarter of 2011. Out of the 12 domestic price movements, only once did the oil firms impose a “sweeping” rollback, meaning all fuel products were reduced.

The Manila Bulletin gathered that between January and March, prices of gasoline were hiked 10 times, nine times for prices of diesel, and 12 times for prices of kerosene.

As for rollbacks, gasoline prices have been cut twice so far, and once for diesel. Kerosene products haven’t seen a rollback so far this year.

Average petroleum prices in Metro Manila as of Tuesday stood at P55 a liter for unleaded; P47 a liter for diesel, P54.50 a liter for kerosene.

Ellson Quismorio, Manila Bulletin