Higher oil prices seen Tuesday

MANILA, Philippines — Motorists can expect pump prices to increase on Tuesday after global prices rebounded from losses during the trading week.

In a text advisory, Petro Gazz said it will implement a P0.50 per liter hike on gasoline and P0.75 per liter increase on diesel starting 6 a.m. Tuesday.

Meanwhile, Chevron Philippines Inc. (Caltex) said it will raise gasoline and kerosene prices by P0.50 per liter and diesel by P0.75 per liter starting 12:01 a.m. Tuesday.

Other oil companies have yet to announce their respective price adjustments.

Unioil Philippines, however, said in an advisory that it expects diesel prices to go up by P0.60 to P0.70 per liter and gasoline prices to increase by P0.35 to P0.45 per liter.

In the past trading week, international crude prices fell due to weaker global economic data and US recession fears.

However, oil prices managed to rebound at the close of trade but gains were capped after the Organization of the Petroleum Exporting Countries (OPEC) trimmed its global oil demand forecast, Reuters reported.

Oil prices on Friday rebounded from a two-day drop, alongside equities as expectations of further stimulus by central banks helped to ease recession concerns.

This week’s pump price hike follows a massive price cut last week. Oil firms rolled back gasoline prices by P0.55 per liter, diesel by P1.10 per liter and kerosene by P1.30 per liter 

Latest data from the Department of Energy (DOE) showed year-to-date adjustments stand at a net increase of P4.50 per liter for gasoline, P2.85 per liter for diesel and P0.85 per liter for kerosene.