By Danessa Rivera (The Philippine Star) | Updated May 23, 2017 - 12:00am
MANILA, Philippines - Prices of petroleum products are higher today after global oil prices climbed last week.
This is the second consecutive week gasoline prices were raised.
In a text advisory yesterday, Pilipinas Shell Petroleum Corp. said its price change would take effect at 6 a.m. Gasoline prices increased by P0.65 per liter, kerosene prices by P0.70 per liter and diesel by P0.60 per liter.
SeaOil Philippines Inc., Eastern Petroleum Corp., Phoenix Petroleum Philippines Inc. and PTT Philippines Corp. also made the same adjustments across fuel products starting 6 a.m.
In a separate advisory, Flying V said it implemented the same price increases at 12:01 a.m.
Petron Corp., Total Philippines Corp. and UniOil Petroleum Philippines Inc. have yet to announce their respective price cuts as of press time.
Global oil prices soared during last week’s trading on hopes the Organization of the Petroleum Exporting Countries and non-OPEC countries will once again come up with a deal that will further cut output. Crude prices settled above $50 per barrel.
OPEC and non-OPEC nations struck a deal last November to limit production of prop up global prices. They will meet again on May 25 to decide whether to extend the output cuts.