Fuel prices up today

MANILA, Philippines — Oil companies implemented minimal fuel price increases today following three successive weeks of price cuts.

In separate advisories, oil firms announced gasoline prices would be raised by 35 centavos per liter, diesel by 20 centavos and kerosene by 25 centavos per liter.

Caltex Philippines said its price hike took effect 12:01 a.m.

Meanwhile, Eastern Petroleum, Phoenix Petroleum Philippines, Pilipinas Shell Petroleum Corp., Petro Gazz, PTT Philippines, Seaoil Philippines, Total Philippines and Unioil said their price adjustments were effective at 6 a.m.

At the start of the trading week, global oil prices fell due to the negative outlook for global oil demand caused by ongoing trade wars and growing US inventory.

But two days before the week closed, oil prices increased after two oil tankers in the Gulf of Oman were attacked, which stoked concerns about potential supply disruptions, Reuters reported.

Last week, oil companies slashed gasoline prices by P1.70 per liter, diesel by P1.05 per liter and kerosene by P1 per liter.

Prior this week’s price movements, data from the Department of Energy showed year-to-date adjustments stand at a net increase of P5.50 per liter for gasoline, P4.70 per liter for diesel and P3 per liter for kerosene.