By Danessa Rivera (The
Philippine Star) | Updated August 23, 2016 - 12:00am
MANILA, Philippines - An increase of
more than one peso per liter in the prices of all fuel products will greet
motorists today as oil companies track the uptrend in the international
petroleum market.
In a text advisory, SeaOil
Philippines Inc. announced an increase of P1.35 per liter on gasoline, P1.45 on
diesel and P1.45 on kerosene products effective 6 a.m.
“This is to reflect movements in the
international petroleum market,” SeaOil said.
Flying V announced in a separate
advisory that it would implement similar price adjustments starting 12:01 a.m.
Meanwhile, Eastern Petroleum,
Phoenix Petroleum Philippines and PTT Philippines will raise gasoline prices by
P1.35 per liter and diesel prices by P1.45 starting 6 a.m.
Pilipinas Shell Petroleum Corp.,
Petron Corp. and UniOil Philippines have yet to announce any price increase,
but are expected to implement similar hikes on fuel products.
This is the second week pump prices
have been raised.
During last week’s trading, oil
posted strong weekly gains amid speculation that the Organization of the
Petroleum Exporting Countries and non-OPEC member-states would agree on a
production freeze in its meeting next month.
This, along with low dollar rate,
losses in Nigerian oil output and oversupply concerns, contributed to the hike
in domestic oil prices, the Department of Energy said.
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