Oil firms raise pump prices today
Following leads in the international oil market, petroleum firms yesterday increased the prices of gasoline and diesel products. Philstar.com/File Photo
MANILA, Philippines - Following leads in the international oil market, petroleum firms yesterday increased the prices of gasoline and diesel products.
This is the sixth consecutive week that gasoline prices have been increased and the fifth week for diesel.
Oil companies did not adjust kerosene prices due to Typhoon Nina.
At 6 a.m. today, Pilipinas Shell Petroleum Corp. and Phoenix Petroleum Philippines will implement a P0.50 per liter increase on gasoline and P0.25 on diesel.
Flying V said it would implement a similar price adjustment effective 12:01 a.m.
Eastern Petroleum Corp., Petron Corp., PTT Philippines, SeaOil Philippines Inc. and UniOil Petroleum Philippines Inc. have yet to announce any adjustment, although they were expected to implement the same.
Last week, international oil prices edged slightly higher during the trading week.
Factors that influenced the uptrend include Libya’s National Oil Corp. reopening of pipelines after a two-year blockade, according to Reuters.
Strong US economic data and optimism that crude producers will abide by an agreement to limit output also propped up global crude prices.
On Nov. 30, members of the Organization of the Petroleum Exporting Countries (OPEC) decided to limit oil production starting next year to bolster international oil prices.
- Latest
- Trending
