PHILIPPINES: THE COUNTRY'S top three oil players Petron Corp., Pilipinas Shell Petroleum Corp. and Caltex Philippines Inc. finally succumbed to high world oil prices, jacking up the prices of their gasoline, diesel and kerosene by 30 centavos a liter.

Caltex's increase took effect Wednesday at 12:01 a.m. while those of Shell and Petron took effect at 12:01 a.m. Thursday.

Shell general manager for external affairs Roberto Kanapi said local pump prices were bound to remain high if international prices did not let up.

"We have to come to terms with the reality that local pump prices will remain high as long as world crude prices are high," Kanapi said in a telephone interview Thursday.

The benchmark Dubai crude, which oil refiners Shell and Petron use to price their products, breached the $40-a-barrel mark Wednesday, closing at $40.27 a barrel.

That price surge pushed the Aug. 1-18 average to $39.64 a barrel, only 36 US cents shy of the $40-a-barrel mark. The July Dubai crude average was placed at $34.65 a barrel.

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