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Oil firms hike pump prices P0.20

THE country’s oil firms raised the price of gasoline by P0.20 per liter but cut the price of diesel by P0.10 per liter starting Tuesday to reflect the movement of world oil prices.

Petron Corp., PTT Philippines, Seaoil Philippines, Unioil Philippines, Flying V and Phoenix Petroleum Philippines issued separate advisories of the latest oil price movements.

“Petron will implement the following  price adjustments effective 6 a.m. September 20: P0.20 per liter increase for gasoline and a P0.10 per liter rollback for diesel. These reflect movements in the international oil market,” Petron said.

Oil prices have been affected by ongoing speculations ahead of the Organization of Petroleum Exporting Countries and non-Opec meeting in Algeria to discuss a possible production freeze.

Traders and analysts continue to debate on how effective a deal would be to limit supply should Opec and non-Opec finally agree on the production freeze.

Gasoline prices in Asia remained supported by strong demand within the region and sharp fall in US gasoline stocks, according to the latest monitoring of the Energy Department.

The department said the supply woes in Asia was prompted by the spot import demand from India, seeking 40,000 metric tons of 92 RON gasoline this week.

Topics: Oil firms , pump prices
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