By Danessa Rivera (The Philippine Star) | Updated August 8, 2017 - 12:00am
MANILA, Philippines - Major price hikes on petroleum products will greet motorists today, as last week’s international oil trading pushed up prices.
This is the fifth consecutive week that petroleum companies raised pump prices.
In separate text advisories yesterday, Pilipinas Shell Petroleum Corp. and SeaOil Philippines Inc. said pump prices would increase starting at 6 a.m.
Gasoline prices will be raised by P1 per liter, kerosene by P.85 and diesel by P.80 per liter.
Eastern Petroleum Corp., Phoenix Petroleum Philippines Inc. and PTT Philippines Corp. announced the same price hike on gasoline and diesel products effective 6 a.m.
In a separate advisory, Flying V said it would implement the same price adjustment starting at 12:01 a.m.
UniOil Petroleum Philippines Inc. will hike fuel prices at 6:01 a.m.
On Friday, fuel prices surged after a strong job report supported hopes for growing energy demand, Reuters reported.
At the end of the trading week, global benchmark Brent futures settled at $52.42 per barrel.
Based on Department of Energy monitoring, the Asian and Middle Eastern gasoline market continued to strengthen amid unexpected refinery maintenance, tighter supply and higher consumption, DOE Undersecretary Felix William Fuentebella told The STAR in a text message.
“A market trader said that supply was really tight, while another said the Middle East demand seemed to be quite high,” he said.
Meanwhile, a fire accident at Pernis in the Netherlands, Europe’s largest oil refinery, tightened supply in the global market amid a steady increase in Asian demand.
“A number of units were offline, that incident could potentially draw barrels from the Middle East or Asia, providing some support to prices. If the outage was prolonged, it could potentially pull barrels from Asia and the Middle East to plug the gap in the West of Suez,” Fuentebella said.