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Wednesday, April 17, 2024

Oil prices up again, this time as high as P0.60/ltr

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The country’s oil firms raised pump prices by as much as P0.60 per liter effective 6am Tuesday to reflect the movement of prices at the international oil market.

The oil firms raised the price of kerosene by P0.60 per liter, diesel by P0.40 per liter, and gasoline by P0.20 per liter amid the continuing optimism over the rollout of the vaccine that will put an end to the coronavirus pandemic.

“Phoenix Petroleum Philippines will increase the prices of gasoline by P0.25 per liter and diesel by P0.40 per liter effective 6AM of 08 December 2020,” Phoenix said in its advisory.

Seaoil Philippines and PetroGazz also issued separate advisories of the latest oil price hike while other oil companies are expected to follow.

On December 1, the oil companies raised the price of gasoline by P1.15 per liter, and P1.10 per liter both for diesel and kerosene.

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These resulted in the year-to-date adjustments to stand at a net decrease of P3.47 per liter for gasoline, P7.76 per liter for diesel, and P11.19 per liter for kerosene.

According to the Department of Energy, the market has been closely watching the meeting of the Organization of the Petroleum Exporting Countries and its allies last Nov. 30 to Dec. 1 regarding production cuts that could prop up the market.

Crude prices were further strengthened by reports of the vaccine rollout even though cases in the US continued to go up.

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