By Lenie Lectura - January 9, 2017
PTT Philippines on Monday announced a price increase in diesel starting Tuesday morning, saying the price of diesel will go up by P0.10 per liter at 6 a.m. on January 10.
While the price of diesel went up, Seaoil announced a price rollback in kerosene by P0.15 per liter.
There is no movement in gasoline prices, it said.
As of press time, PTT is the only oil company that announced a price adjustment. It is expected, though, that other oil firms will follow suit. On January 3 oil companies implemented an increase of P0.70 per liter in gasoline, P0.60 per liter in diesel and P0.55 per liter in kerosene.
Also, liquefied petroleum gas (LPG) increased by P4.15 to P4.18 per kilogram due to the month-on-month increase in LPG contract price by $69 per metric ton (MT) to $477 per MT.
Crude oil generally posted significant monthly gain last December, supported by the impact of the planned production cut from Organization of the Petroleum Exporting Countries (Opec) and non-Opec countries. The Opec and non-Opec members’ agreement to slash their production by around 1.8 million barrels a day in their latest meeting in Vienna last November 27 gave huge support to the current price levels. Overall, Dubai crude increased week-on-week by $1.28 per bbl. MOPS gasoline also increased by more than $2 per bbl, along with diesel that increased by almost $2 per bbl.
Also, the Philippine peso appreciated against the US dollar by 0.16 to 49.80 , from 49.96 last week.