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Friday, March 1, 2024

Oil firms hike pump prices due to tight global supply

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Oil companies have increased oil prices to reflect movement of prices in the world market.

 Petron raised the price of gasoline by P1.80 per liter, diesel by P1.50 per liter, and kerosene by P1.30 per liter effective Tuesday.

This will be the eight weekly consecutive oil price increase as global economies slowly recover, reflecting an increase in demand.

Aside from Petron, Phoenix Petroleum Philippines, PTT Philippines, PetroGazz, Caltex, Cleanfuel, Total Philippines , and Seaoil Philippines also raised prices while other oil companies are expected to follow.

Unioil Petroleum Philippines sounded off the impending oil price hike of P1.40 to P1.50 per liter for diesel and P1.80 to P1.90 per liter for gasoline over the weekend.

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Gasoline has gone up P5.40 per liter while diesel went up by P7.15 per liter for the past seven weeks.

On Oct. 12, the oil companies implemented a price increase in domestic oil products, specifically P1.30 per liter for gasoline, P1.40-P1.50 per liter for diesel and P1.45 per liter for kerosene.

These resulted in the year-to-date adjustments to stand at a total net increase of P17.85 per liter for gasoline, P16.50 per liter for diesel and P14.19 per liter for kerosene.

The Department of Energy (DOE) has warned the current tightness in global oil supply will likely last until the end of the year.

The DOE’s monitoring showed crude oil prices have been going up due to tight supply amid improving demand and high liquefied natural gas and coal prices.

The DOE said the Organization of the Petroleum Exporting Countries and its allies (OPEC) stuck to its scheduled increase of 400,000 barrels per day for oil production quotas amid the tightness in oil supply.

The increase in OPEC output is still lower than market expectations, the agency said.

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