Oil prices up slightly after weeks of rollback

MANILA, Philippines — After six straight weeks of rollback, oil companies are raising diesel and gasoline prices today.

Gasoline prices would be increased by P0.55 per liter and diesel by P0.15 per liter, but kerosene prices will be lower by P0.20 per liter.

In separate advisories, Flying V, Petro Gazz, Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., PTT Philippines Inc. and Seaoil Philippines said their price adjustments would take effect at 6 a.m.

Cleanfuel, on the other hand, said it would implement the same increase on gasoline and diesel starting 8:01 a.m. today.

Global oil prices recouped losses last Thursday on hopes that a production cut deal among Organization of Petroleum Exporting Countries (OPEC) members and allied producers could prop up prices.

OPEC and its allies, including Russia, agreed to cut output by 10 million barrels per day from May, Reuters reported.

The rise in global oil prices was weighed down by doubts that the deal would be enough to offset the collapse in global fuel demand caused by the coronavirus disease 2019 pandemic, which has dramatically slowed down economies.

Prior this week’s price reduction, year-to-date adjustments stand at a net decrease of P15.07 per liter for gasoline, P14.09 per liter for diesel and P18.95 per liter for kerosene.