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Oil price hike on first week of 2021
In separate advisories, Petro Gazz, Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines said their price adjustments would take effect at 6 a.m. today.
STAR/File

Oil price hike on first week of 2021

Danessa Rivera (The Philippine Star) - January 5, 2021 - 1:00am

MANILA, Philippines — Gasoline prices would be raised by P0.45 per liter, diesel prices by P0.30 and kerosene prices by P0.40 per liter.

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

Meanwhile, Unioil said it would implement the price changes by 6:01 a.m. while Cleanfuel’s adjustment would be implemented at 4:01 p.m.

In the last trading week of 2020, global oil prices rose, pushed by optimism over COVID-19 vaccine rollouts and recovery in fuel demand, Reuters reported.

For the whole of 2020, crude prices lost 20 percent of their value, bottoming out in April, as fuel demand collapsed due to the COVID-19 pandemic and after a price war between oil giants Saudi Arabia and Russia, Reuters reported.

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