Oil firms to raise gasoline, diesel prices today

MANILA, Philippines - Oil companies increased the prices of gasoline and diesel after the price of oil in the international market rebounded.

In an advisory, Seaoil Philippines said it would increase the pump prices of gasoline and diesel by P0.25 per liter starting 6 a.m. today. The company will also adjust the price of kerosene by P0.30 per liter.

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

Phoenix Petroleum Philippines Inc, PTT Philippines Corp., Eastern Petroleum, EuroGasoline and EuroDiesel IV products of Unioil Philippines said in separate advisories they would also implement the same price hike.

Meanwhile, Petron Corp. would implement the same price hike on gasoline and diesel and an addition of P0.20 per liter in the price of its kerosene.

Other companies have yet to officially announce their respective prices but are expected to reflect the same movement.

Oil prices in the international market bounced back yesterday after Algerian energy minister Noureddine Bouterfa hinted at possible results of this week’s informal meeting of the Organization of the Petroleum Exporting Countries.

The meeting will take place at the sidelines of the International Energy Forum in Algeria from Sept. 26 to 28, and will focus on discussions for a possible oil output cut or freeze amidst signs of an oil glut.

Weaker US dollar index also supported oil prices.