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Tuesday, February 27, 2024

Oil firms hike gasoline prices by P1 per liter

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The country’s oil firms raised pump prices by P1 per liter for gasoline, P0.65 per liter for diesel and P0.70 per liter for kerosene effective 6 a.m. today (Tuesday) to reflect the movement of prices in the world market.

This is the fifth consecutive week of oil price increases brought about by optimism of a global economic recovery.

“Please take note that Total Philippines Corporation (TPC) will adjust prices effective tomorrow Jun 29, 2021 6:00am Price Increase of P0.65/li on diesel. Price Increase of Ph/li on gasoline,” Total said in its advisory.

Aside from Total, PTT Philippines, Seaoil Philippines, PetroGazz and Cleanfuel issued separate advisories of the latest oil price hike.

Unioil Petroleum Philippines Inc. announced over the weekend that fuel prices would go up during the week of June 29 to July 5, 2021.

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“Diesel will increase by P0.70 to P0.80 per liter. Gasoline will increase by P1.00 to P1.10 per liter,” Unioil said.

The latest adjustment resulted in a net increase of P11.75 per liter for gasoline, P9.90 per liter for diesel and P8.40 per liter for kerosene since the start of the year.

Oil prices have been going up for the past weeks on the strength of a rapidly recovering global economy and continued output restraint among US shale producers, according to the Department of Energy.

The agency’s oil monitoring showed that global oil demand is expected to continue to grow.

DOE cited the recent forecast by Platts that global oil demand is expected to grow by 5.6 million barrels per day (MMBD) in 2021, a moderate increase from the 5.5 MMBD projection last month.

From June to August, global oil demand is still expected to grow by 6.9 MMBD due to seasonal uplifts along with normalization from recent lows in demand.

Despite the downward projection for India due to lockdown measures, the DOE said the upgraded outlook for Europe, resilience in the US,

China and the Middle East continue to provide support for oil prices.

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