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Oil players shift gears, hike price by P0.60 a liter

The oil distributors are expected to raise pump prices starting Tuesday, and by as much as P0.60 per liter to reflect the movement of oil prices in the world market.

The looming price increases would end several weeks of oil price rollbacks amid the weak global demand.

“Expect fuel prices to go up next week (Sept 22 to 28). Diesel should increase by P0.10 per liter and gasoline by P0.50 to P0.60 per liter,” Unioil Philippines said in an advisory.

The oil companies on Sept. 15 cut the price of gasoline by P1 per liter, diesel by P1.50 to P1.55 per liter and kerosene by P1.45 per liter.

The cuts resulted in the total year-to-date adjustments to a net decrease of P5.22 per liter of gasoline, P10.99 per liter of diesel and P15.39 per liter of kerosene, according to the Department of Energy.

World oil prices went up last week amid reports that Saudi Arabia was agreeable to new production cuts. Saudi Arabia also called out its allies in the Organization of Petroleum Exporting Countries who were accused of cheating on their production quotas.

The Energy department said OPEC’s 13 members produced 24.37 million barrels of oil per day in August, a four-percent rise from July, while its nine partners including Russia added 12.67 million barrels per day for a six percent increase.

Topics: Department of Energy , Saudi Arabia , Organization of Petroleum Exporting Countries , Diesel , World Market
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