Oil prices up today

MANILA, Philippines - Petroleum companies raised pump prices for the third straight week following the uptrend in global oil market.

In a text advisory, SeaOil Philippines Inc. announced an increase of P0.50 per liter on gasoline, P0.15 per liter on diesel and P0.20 per liter on kerosene products effective 6 a.m. today.

“This is to reflect movements in the international petroleum market,” SeaOil said.

Flying V announced in another text advisory a similar price adjustment starting 12:01 a.m.

Eastern Petroleum, Phoenix Petroleum Philippines and PTT Philippines announced price increases of P0.50 per liter for gasoline products and P0.15 per liter for diesel effective 6 a.m.

Pilipinas Shell Petroleum Corp., Petron Corp. and UniOil Philippines have not yet announced price increases but are expected to implement similar hikes on fuel products.

Last week, international oil prices posted weekly gains in volatile trading due to positive signals over a production freeze among major oil producers and military tension in the northern Gulf.

Reuters reported Iran, third-largest producer in the Organization of the Petroleum Exporting Countries, hinted it may support OPEC’s production cut.

Iran was also in the middle of military tension last week after its vessel was fired three warning shots by a US Navy ship in northern Gulf, sending negative sentiment to markets.