Oil firms raise gasoline, diesel prices today

MANILA, Philippines - Another round of oil price hikes will greet motorists today as oil companies continue to track the global uptrend in crude prices.

Gasoline prices were raised for the sixth straight week and diesel and kerosene for the fourth consecutive week.

In a text advisory, SeaOil Philippines Inc. said it would increase prices of gasoline by 45 centavos per liter, diesel by 60 centavos and kerosene by 55 centavos starting at 6 a.m. 

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

Phoenix Petroleum Philippines and PTT Philippines announced similar price adjustments.

Petron Corp. and Pilipinas Shell Petroleum Corp. have yet to make an announcement but are also expected to raise oil prices.

Flying V and Eastern Petroleum Corp. implemented oil price increases at 12:01 a.m.

At the start of trading last week, global oil prices surged to a one-year high after Russia signified its participation in the Organization of Petroleum Exporting Countries (OPEC) deal to cut production.

Later in the week, US data pertaining to diesel and gasoline inventory drawdowns were more than expected, propping up international oil prices, Reuters reported.