Fuel prices up again today

MANILA, Philippines — Oil firms are increasing fuel prices today after global crude prices hovered near $70 per barrel during last week’s trading.

Gasoline is up by P0.35 per liter, while diesel and kerosene prices are higher by P0.50.

This is the sixth consecutive week that diesel and kerosene prices were raised, and second straight week for gasoline.

Pilipinas Shell Petroleum Corp. and SeaOil Philippines Inc. said they would adjust pump prices starting at 6 a.m.

Eastern Petroleum Corp., Phoenix Petroleum Philippine Inc. and PTT Philippines Corp. said the price adjustment on gasoline and diesel products would also start at 6 a.m.

Flying V raised pump prices effective 12:01 a.m. while UniOil Petroleum Philippines Inc. at 6:01 a.m.

Petron Corp. and Total Philippines Corp. have yet to issue advisories as of press time.

Last week, global oil prices were underpinned by oil production curbs of the Organization of the Petroleum Exporting Countries (OPEC) and Russia, and strong demand amid healthy economic growth.

However, oil prices closed the trading week lower, snapping a four-week winning streak to three-year highs as investors sold positions on re-emerging US production concerns, according to a Reuters report.