by Lenie Lectura - August 22, 2016
Oil companies are implementing a
hefty price increase in petroleum products effective on Tuesday morning.
In separate announcements, they said
gasoline products would increase by P1.35 per liter. Diesel and
kerosene prices will go up by P1.45 per liter each. This is the second
consecutive oil-price hike implemented by the oil companies this month.
Eastern Petroleum, Phoenix
Petroleum, PTT Philippines and Seaoil will implement their respective oil-price
adjustment at 6 a.m. on Tuesday. They said the price hike reflects
movements in the international oil market. Other oil firms are expected to
follow suit.
The price increase comes after
reports of a possible output freeze when oil producers meet next month.
The impending oil-price hike is on
account of a speculation there could be a production halt after the meeting
among Organization of the Petroleum Exporting Countries (Opec) and non-Opec
member-countries scheduled to take place in September.
The last time oil producers met,
they failed to reach a deal aimed at cutting production. With no agreement
reached, this resulted to lower oil prices the following trading week.
Last week oil companies implemented
a price increase per liter of P0.55 for gasoline, P0.70 for diesel and P0.65
for kerosene. After the price hike on August 16, the year-to-date
price-increase adjustment for gasoline reached P0.64 and P3.33 in diesel.
Liquified petroleum gas remains at a net decrease of P8.48 per kilogram.
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