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P0.50 per liter fuel hike surprises motorists

July 28, 2007 12:48pm
As if the threat of power and water shortages were not enough, motorists got another whammy Saturday as three major fuel firms raised prices of their fuel products by 50 centavos per liter.

QTV-11 television reported Saturday that the 50-centavo hike covered gasoline, diesel and kerosene. Liquefied petroleum gas (LPG) was not among the products covered by the hike.

Petron Corp. raised its prices effective 12:01 a.m. Saturday, while Chevron (formerly Caltex) and Shell followed suit effective 6 a.m.

The QTV report said Flying V, considered one of the smaller fuel firms, may raise prices on Monday.

It said the oil firms justified the price hike, saying world prices of crude oil had gone up from $65.80 per barrel to $71 per barrel. - GMANews.TV
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