Oil firms to implement staggered price hikes

With diesel price increases surging past P5 per liter amid the conflict in the Middle East, major oil firms are set to stagger this week's scheduled fuel price hikes to soften the blow on consumers.

- By BRIX LELIS

Officials of the Department of Energy and oil industry players yesterday committed to "balancing economic realities with the need to shield our people from sudden price shocks," DOE officer-in-charge Sharon Garin said.

Price adjustments will be spread throughout the week to ease the impact of sudden spikes at the pump.

In separate advisories, Shell and Seaoil said gasoline, diesel and kerosene prices are poised to go up by P1.75, P2.60 and P2.40 per liter today, respectively.

A second wave of identical increases will follow on Thursday, bringing this week's total hike for gasoline, diesel and kerosene to P3.50, P5.20 and P4.80 per liter, respectively.

Aside from Shell and Seaoil, Petron, Caltex, Jetti, Petro Gazz, Phoenix, PTT Philippines, Unioil, Total, Filpride and Cleanfuel have also agreed to the move, but have yet to announce their implementation schemes.

Big-time pump adjustments this week exceeded earlier industry projections after the United States bombed three Iranian nuclear sites over the weekend.