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Press Release

Shell Adjusts Fuel Prices

20/05/2009

Pilipinas Shell Petroleum Corporation (Shell) announced that it has implemented upward adjustments of P1.50 per litre on gasoline and P0.50 per litre on diesel and kerosene effective 12:01 am today. This price adjustment reflects last week’s surge in international oil prices, which moved in tandem with stronger global financial markets, implying a possible recovery in oil demand.

The implementation of weekly price adjustments is aligned with the company’s aims of moving towards greater pricing transparency.  


“We will continue adjusting product prices every week to ensure greater pricing transparency. This means we will not moderate adjustments, upward or downward to reflect current market realities”, Kanapi said.


Oil pricing is driven primarily by fundamentals of international product costs and foreign exchange. Since the oil industry is deregulated, however, the ultimate determinant of oil pricing is market competition.