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Friday, March 29, 2024

Oil firms stop price cuts, go for hikes

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OIL prices are expected to go up this week due to the movement of prices in the international oil market, the Independent Philippine Petroleum Companies Association announced over the weekend.

Unioil Philippines forecast an increase of P0.80 to P0.90 per liter of gasoline and P0.50 to P0.60 per liter of diesel.

“After several weeks of price reduction totaling P2.40 per liter of diesel and P2.90 per liter of gasoline, oil prices are poised to make moderate increases this Tuesday to reflect the slight reversal in international prices,” IPPCA said.

IPPCA and Eastern Petroleum chairman Fernando Martinez said despite the earlier expectations of sustained price cuts due to the increased production of the Organization of Petroleum Exporting Countries, and with Saudi Arabia and Russia agreeing to add production, oil prices will rise due to the recent political turbulence in Libya and Venezuela and the recent export ban on Iranian oil coupled with low US inventories. 

Martinez said the favorable response of Saudi Arabia and Russia to higher production and the possible warming of ties between the US and Russia “could have positive and calming sentiments in the world market.” 

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The oil firms increased the price of cooking gas or liquefied petroleum gas by P0.90 per kilogram on Sunday.

“We will likewise increase  auto LPG by P0.50 per liter at the same time. These reflect international LPG contract prices for the month of July,” Petron Corp. said.

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