Tuesday, August 23, 2016

Oil firms hike gas, diesel prices anew



By Danessa Rivera (The Philippine Star) | Updated August 23, 2016 - 12:00am

MANILA, Philippines - An increase of more than one peso per liter in the prices of all fuel products will greet motorists today as oil companies track the uptrend in the international petroleum market.
In a text advisory, SeaOil Philippines Inc. announced an increase of P1.35 per liter on gasoline, P1.45 on diesel and P1.45 on kerosene products effective 6 a.m.
“This is to reflect movements in the international petroleum market,” SeaOil said.
Flying V announced in a separate advisory that it would implement similar price adjustments starting 12:01 a.m.
Meanwhile, Eastern Petroleum, Phoenix Petroleum Philippines and PTT Philippines will raise gasoline prices by P1.35 per liter and diesel prices by P1.45 starting 6 a.m.
Pilipinas Shell Petroleum Corp., Petron Corp. and UniOil Philippines have yet to announce any price increase, but are expected to implement similar hikes on fuel products.
This is the second week pump prices have been raised.
During last week’s trading, oil posted strong weekly gains amid speculation that the Organization of the Petroleum Exporting Countries and non-OPEC member-states would agree on a production freeze in its meeting next month.
This, along with low dollar rate, losses in Nigerian oil output and oversupply concerns, contributed to the hike in domestic oil prices, the Department of Energy said.

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