THE country’s oil firms raised pump prices by as much as P1.45 per liter starting Tuesday due to market speculations a slowdown in global oil production.
The oil firms raised the price of diesel and kerosene by P1.45 per liter and gasoline by P1.35 per liter to reflect the movement in the international oil market.
This is the second consecutive weekly price increase which reflects the market’s optimism of a possible production freeze by the Organization of Petroleum Exporting Countries.
Analysts are eagerly anticipating the results of the planned meeting by Opec and non-Opec members at the sidelines of an energy conference in September.
Among the oil firms who issued the price increase advisories were PTT Philippines, Seaoil Philippines, Phoenix Petroleum and Eastern Petroleum. Other oil companies are expected to follow suit.
“Phoenix will increase the prices of gasoline by P1.35 per liter and diesel by P1.45 per liter effective 6 a.m. of August 23, 2016,” Phoenix said.
The Energy Department, in its monitoring report world oil prices also went up due to forecasts of supply decline due to refinery situations in China and Thailand.
It said losses in Nigerian output and increase in the number of rigs operating in the US oil fields also pushed up oil prices.
Analysts, meanwhile, expect world oil prices to settle between $50 to $60 per barrel by the end of the year.
World oil prices have been on a downward trend since late 2014 due to oversupply.
Oil prices also went up last August 16 by P0.55 for gasoline, P0.70 for diesel and P0.65 for kerosene.
Diesel prices in Metro Manila currently range from P25.25 to P31.30 per liter while gasoline sells from P35 to P44.55. Kerosene, meanwhile, sells from P28.55 to P39.75 per liter.
Pump prices vary depending on the brand, location of the station and market forces.