By Danessa Rivera (The
Philippine Star) | Updated May 30, 2017 - 12:00am
MANILA, Philippines - Oil companies
raised pump prices anew today after the extended production freeze of major oil
producers propped up global prices last week.
This is the third consecutive week
gasoline prices have been raised and the second straight week for diesel and
kerosene.
In a text advisory yesterday,
Pilipinas Shell Petroleum Corp. said its price change would take effect 6 a.m.
today.
Gasoline prices increased by P0.55
per liter, kerosene by P0.85 per liter and diesel by P0.75 per liter.
SeaOil Philippines Inc., Eastern
Petroleum Corp., Phoenix Petroleum Philippines Inc. and PTT Philippines Corp.
made the same adjustments across fuel products starting also at 6 a.m.
In a separate advisory, UniOil Petroleum
Philippines Inc. said it would raise pump prices starting
Flying V said it implemented the
same price adjustments at 12:01 a.m.
Petron Corp. and Total Philippines
Corp. have yet to announce their respective price hikes as of press time.
The decision to extend the
production cut of Organization of the Petroleum Exporting Countries and
non-OPEC countries until March 2018 contributed to the increase in global oil
prices, said Melita Obillo, director of the Oil Industry Management Bureau.
OPEC and non-OPEC countries met last
May 25 and decided to extend the output cuts by nine months, pushing global oil
prices above $50 per barrel.
Major oil producers struck a deal
last November to limit production with a view to propping up global prices.
Obillo said another factor was the
increase in gasoline consumption in the US as summer started.
No comments:
Post a Comment