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.