Pilipinas Shell Petroleum Corp., one of the so-called "Big 3" in the local oil industry, raised its pump prices by 50 centavos per liter for gasoline and 30 centavos for diesel. The reason is as old as the world: continuing rise in crude prices in the world market and the increasing tension in the Middle East. Shell’s rivals, Petron Corp. and Caltex Philippines Inc., are expected to follow suit soon. The expected average increase in oil prices this month is to be 62 centavos per liter. However, the government suggests to the oil companies that the oil price increase must be reduced to 59 centavos.As usual all tendencies move from East to West, so we are to be ready to meet further increasing in prices for crude oil.
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