Oil prices up today

MANILA, Philippines — Oil firms are raising pump prices for the fourth consecutive week today.

In separate advisories, oil firms said gasoline prices would be increased by P0.75 per liter, diesel prices by P0.70 per liter and kerosene prices by P0.70 per liter.

Chevron Philippines Inc., the marketer of Caltex in the Philippines, said its price adjustments would take effect at 12:01 am.

Petron Corp., Petro Gazz, Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., PTT Philippines and Seaoil Philippines would adjust their prices effective 6 a.m.

Unioil Philippines Inc.’s price adjustments would start at 6:01 a.m., while Cleanfuel said it would raise gasoline and diesel prices by 4:01 p.m.

Global oil prices recorded their second weekly gain against the backdrop of optimism over a global economic recovery, Reuters reported.

Last week, gasoline prices were increased by P0.20 per liter, diesel prices by P0.35 per liter and kerosene prices by P0.35 per liter.

Year-to-date adjustments stand at a net increase of P7.80 per liter for gasoline, P6.05 per liter for diesel and P5.30 per liter for kerosene.