DOMESTIC oil prices went up by as much as P0.70 per liter on Monday purportedly to reflect the movement in world oil prices last week.
The oil firms raised the price of diesel by P0.70 per liter, kerosene by P0.65 per liter and gasoline by P0.40 per liter.
Phoenix Petroleum Philippines, PTT Philippines and Flying V issued separate announcements of the increase, the fifth consecutive increase for gasoline and fourth for diesel and kerosene.
Other oil companies are expected to follow suit but have not made announcements as of press time.
Oil prices went up above $50 per barrel during the December 5 to December 9 trading days indicating that crude productiona cut organized by the Organization of Petroleum Exporting Countries and other exporters has materialized, tightening a market that has been grappling with ballooning oversupply.
The Energy Department, in its latest monitoring, showed that oil prices also went up after OPEC and other exporters led by Russia over the weekend reached their first deal since 2001 to cut output by almost 1.8 million barrels per day to reduce in oversupply and prop up prices.
