Gasoline prices up P1.25; diesel higher by 55¢

MANILA, Philippines — Oil companies are raising pump prices anew this week amid higher global prices as businesses reopen.

Gasoline prices would rise by P1.25 per liter, diesel by P0.55 and kerosene by P2.35.

This is the third week that gasoline prices would increase, and the second week of price hikes for diesel and kerosene.

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

Unioil said it would raise pump prices at 6:01 a.m., while Cleanfuel’s adjustment would take effect at 4:01 p.m.

In the past trading week, US oil prices closed the session seven percent higher – highest since March – underpinned by increasing fuel demand as several countries eased travel restrictions amid the coronavirus pandemic, Reuters reported.

Meanwhile, Saudi Arabia – the de factor leader of Organization of Petroleum Exporting Countries – announced plans to further deepen supply cuts in June, while other OPEC members expressed intent to extend production cuts, the wire service said.