MANILA-- Amid rising international oil prices, local oil companies hiked gasoline, diesel, and kerosene prices by 50 centavos a liter yesterday.

First to raise prices was refiner Pilipinas Shell Petroleum Corp. at 12:01 a.m., followed by Eastern Petroleum Corp. at 5 a.m., Petron Corp. and Chevron Philippines Inc. at 6 a.m., and Total (Philippines) Corp. at noon.

New players Flying V and Seaoil Philippines Inc. jacked up prices of the same products by the same level at 12:01 a.m. and 6 a.m. today, respectively.

World oil prices have inched up over the past several days due to concerns over tightening United States gasoline supply ahead of the summer driving season.

According to the US Department of Energy, gasoline reserves fell by as much as 5.5 million barrels in the first week of April, significantly more than the expected slump of only 1.4 million barrels.

Also driving prices up was the International Energy Agency's recent statement that the 12-member Organization of Petroleum Exporting Counties might have cut production too much to arrest falling prices at the end of 2006.

The IEA said the increase in crude prices indicated that the market needed more oil.
Saturday's price hike was the fourth for gasoline for a total of P2 a liter, and the third for both diesel and kerosene for a total of P1.50 a liter.

Prior to Saturday, the price increase took place two weeks ago, also by 50 centavos a liter for gasoline, diesel, and kerosene.

Since the start of the year, pump prices of gasoline, diesel, and kerosene had gone down by a total of P1.80 a liter before they started going up again.

The price increase placed premium unleaded gasoline prices at between P35.73 and P38.20 a liter, diesel prices at between P30 and P34.55 a liter, and kerosene prices at between P34.40 and P38.70 a liter.