Oil prices up for fifth consecutive week
MANILA, Philippines — Oil firms again raised pump prices today, triggered by the increase in prices in the international market and by the weakness of the Philippine peso.
Gasoline, diesel and kerosene prices were raised by 65 centavos per liter.
This is the fifth consecutive week that gasoline prices were increased and the third successive weekly price hike for both diesel and kerosene.
Flying V, Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., PTT Philippines Corp., Seaoil Philippines Inc. and Total Philippines Corp. implemented their respective price adjustments at around 6 a.m.
Meanwhile, Caltex, Eastern Petroleum, Petron Corp., and UniOil Petroleum Philippines Inc. have yet to announce their respective price changes as of press time.
During last week’s trading, crude prices were down for most of the week but rose before the weekend with the drop of US crude inventories.
At home, the peso climbed near the P54:$1 mark last week, hitting an intraday low of P53.975 last Friday, which contributed to the increase in fuel prices.
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