By Danessa Rivera (The
Philippine Star) | Updated August 16, 2016 - 12:00am
MANILA, Philippines - After several
weeks of rollbacks, petroleum companies are increasing pump prices today on
hopes that another meeting of global oil players will control oversupply
worries.
In an advisory, SeaOil Philippines
Inc. announced an increase of P0.55 per liter on gasoline, P0.70 per liter on
diesel and P0.65 per liter on kerosene products effective 6 a.m.
“This is to reflect movements in the
international petroleum market,” SeaOil said.
Flying V also announced yesterday
that it will implement similar price adjustments starting 12:01 a.m. today.
Meanwhile, Eastern Petroleum Phoenix
Petroleum Philippines and PTT Philippines said they will raise gasoline prices by
P0.55 per liter and diesel prices P0.70 per liter effective 6 a.m.
For its part, UniOil Philippines
said it will increase the price of EuroGasoline products (91, 95 and 97) by
P0.55 per liter and EuroDiesel IV product by P0.70 per liter starting 6:01 a.m.
Pilipinas Shell Petroleum Corp. and
Petron Corp. have yet to announce their respective price increases as of press
time. Both companies are expected to implement similar hikes on fuel products.
The price increases followed six
consecutive weeks of reductions for gasoline and four straight weeks of decline
for diesel and kerosene.
International oil prices went up
during last week’s trading after news that the Organization of the Petroleum
Exporting Countries and non-OPEC members are set to meet again next month to
curb oversupply worries.
This came after a Saudi oil minister
commented about possible action to stabilize prices and the International
Energy Agency forecast crude markets would tighten in the second half of 2016,
Reuters reported.
No comments:
Post a Comment