(The Philippine Star) | Updated December 20, 2016 - 12:00am
MANILA, Philippines - Oil prices increase again today amid tighter crude supply going into 2017 after the Organization of the Petroleum Exporting Countries (OPEC) and other producers decided to cut output that propped up prices.
This is the fifth consecutive week that gasoline prices were increased and the fourth successive week for diesel and kerosene.
In an advisory, Pilipinas Shell Petroleum Corp. said they would raise prices of gasoline by 40 centavos per liter, diesel by 70 centavos and kerosene by 65 centavos starting at 6 a.m.
Phoenix Petroleum Philippines and PTT Philippines will implement similar price adjustments.
Flying V raised its pump prices ahead of the other oil companies at 12:01 a.m.
Eastern Petroleum Corp., Petron Corp., SeaOil Philippines Inc. and UniOil Petroleum Philippines Inc. have yet to make announcements but are expected to implement similar price hikes.
Last week, international oil prices closed the trading week higher over $50 per barrel after non-OPEC members also agreed to reduce oil production.
Reuters reported that non-OPEC members led by Russia reduced output by 558,000 barrels per day.This followed the Nov. 30 decision of OPEC members to limit oil production starting next year to shore up international oil prices.