By Danessa Rivera (The
Philippine Star) | Updated April 18, 2017 - 12:00am
MANILA, Philippines - The limited
supply in the global oil market has pushed oil companies to raise prices for
the third straight week today.
SeaOil Philippines Inc. said gasoline
prices were raised P0.45 per liter, diesel prices by P0.65 per liter and
kerosene by P0.60 per liter effective 6 a.m., today.
“This is to reflect movements in the
international petroleum market,” SeaOil said in a statement.
In a separate advisory, Flying V
said similar price hikes were also implemented at 12:01 am.
Meanwhile, Eastern Petroleum Corp.,
Phoenix Petroleum Philippines Inc. and PTT Philippines Corp. said
gasoline prices will be up by P0.45 per liter and diesel by P0.65 per liter
effective 6 a.m.
Petron Corp., Pilipinas Shell
Petroleum Corp. and Total Philippines Corp. have yet to announce their
respective price cuts as of press time.
Several oil refineries on shutdown,
as well as the continued output reduction by the Organization of the Petroleum
Exporting Countries (OPEC), have pushed prices higher, Department of Energy
Undersecretary Felix William Fuentebella said in a briefing yesterday.
“Refineries in Asia, specifically in
South Korea, China and Japan, are under maintenance, lowering supply in the
market,” he said. “The same with OPEC, which continued on their promise to cut
production.”
Prior to this week’s price
adjustments, diesel prices ranged from P28.58 to P33.31 per liter while
gasoline ranged from P39.30 to P49.11 per liter.
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