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Friday, March 29, 2024

Oil firms hike prices by as much as P0.95/l

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Oil prices went up anew this week by as much as P0.95 per liter to reflect the movements of world oil prices.

The oil firms raised the price of gasoline and kerosene by P0.95 per liter and diesel by P0.60 per liter effective 6 a.m. Tuesday.

“This is to reflect movements in the international petroleum market,” Seaoil Philippines said.

Other companies that issued price advisories of the increase were Phoenix Petroleum Philippines, PTT Philippines, Flying V, Unioil Philippines, among others.

The oil firms also raised gasoline prices by P0.90 per liter, diesel by P0.55 per liter and kerosene by P0.75 per liter last Nov. 7.

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World oil prices have been going amid claims by the Organization of Petroleum Exporting Countries that supply and demand balances were tightening and oil inventories were falling.

Excellent compliance by OPEC to curb supplies have also pushed up world oil prices.

Reports that OPEC and other major oil producers are eyeing to extend the global pact to cut oil output further fueled higher prices.

Continuing rising demand in China for oil products put further pressure on prices.

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