Oil firms hike gas, diesel prices anew

MANILA, Philippines - Petroleum companies are set to implement today minimal price hikes on gasoline and diesel products on doubts over production cuts by the Organization of Petroleum Exporting Countries (OPEC).

Pilipinas Shell Petroleum Corp. said it would implement an increase of 10 centavos per liter on gasoline and diesel effective at 6 a.m. today.

There will be no price movement for kerosene.

In another text advisory, SeaOil Philippines Inc. announced a similar price adjustment, also starting at 6 a.m. 

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

Meanwhile, Flying V’s price increases takes effect at 12:01 a.m.

Petron Corp. has yet to make an announcement as of press time, but the oil firm is expected to implement similar price adjustments.

In separate text advisories, Eastern Petroleum Corp., Phoenix Petroleum Philippines and PTT Philippines announced a price hike of P0.10 per liter on gasoline and on diesel effective 6 a.m.

UniOil Petroleum Philippines Inc. said it would increase the price of EuroDiesel IV product and of EuroGasoline products by P0.10 per liter starting 6:01 a.m.

For most of the trading week last week, global oil prices dipped below $50 per barrel.

But last Thursday, oil surged because of lingering doubts on the OPEC production cut.

Reuters reported Saudi Arabia and Gulf allies have expressed willingness to reduce peak oil output, but Iraq called for an exemption from the supply curb, adding to the list of OPEC members seeking exemption.