04:40 AM
May 24th, 2016
LOCAL oil firms raised prices
significantly this week as market jitters drove trading and wildfires in
Canadian oil sites and violence in Nigeria’s oil-rich Niger Delta added to
supply concerns.
Shell and Seaoil said separately
they would impose price hikes of P1.20 per liter for gasoline, P1 per liter for
diesel and P1.25 per liter for kerosene from 6 a.m. today (Tuesday).
Petron had not issued an advisory as
of press time but is expected to implement similar price adjustments.
Phoenix Petroleum, Eastern Petroleum
and PTT Philippines said they were increasing gasoline prices by P1.20 per
liter and diesel by P1 per liter from 6 a.m. also on Tuesday.
Flying V adjusted its prices by
P1.20 per liter for gasoline, P1 for diesel and P1.25 for kerosene at 12:01
a.m. today.
Analysts said traders see an upside
on oil prices with a rebalancing pattern in the market after 18 months of
sliding prices, considering the recent round of unscheduled production cuts in
some exporting countries.
According to oil field services firm
Baker Hughes, the number of oil rigs drilling in US fields remained unchanged
from the previous week at 318.Riza T. Olchondra
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