By Danessa Rivera (The
Philippine Star) | Updated January 30, 2018 - 12:00am
MANILA, Philippines — Oil companies are
raising pump prices anew today as growing demand and plans of major oil
producers to reduce output further continue to prop up global prices.
Prices for gasoline would go up by
P0.45 per liter while that of diesel and kerosene gas would increase by P0.50
per liter.
This is the seventh consecutive week
that diesel and kerosene prices were raised and the third straight week for
gasoline.
Pilipinas Shell Petroleum and SeaOil
Philippines said their price adjustments were implemented starting 6
a.m. today.
Eastern Petroleum, Phoenix Petroleum
Philippines and PTT Philippines implemented the same adjustments also at 6 a.m.
while Flying V raised pump prices effective 12:01 a.m.
Petron, Total Philippines, and
UniOil Petroleum Philippines have yet to announce their respective advisories
as of press time.
Based on the agency’s
monitoring, DOE Undersecretary Felix Fuentebella said comments from Saudi
Arabia that the Organization of the Petroleum Exporting Countries (OPEC) and
other major oil producers could extend their production cuts beyond 2018
propped up global oil prices last week.
Fuentebella added that global
economic growth and expectations of robust global oil demand added to the
upward pressure.
Meanwhile, US crude supplies were
reportedly lower by 1.1 million barrels at end of trade on Jan. 19, according
to US Energy Information Administration, pushing oil to hit $71 per barrel last
Thursday for the first time since 2014.
Reuters also reported last week that
global oil prices settled higher on Friday, with crude also posting a weekly
gain as a weaker US dollar underpinned prices.
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