(The Philippine Star) | Updated December 20, 2016 - 12:00am
MANILA, Philippines -
Oil prices increase again today amid tighter crude supply going into 2017 after
the Organization of the Petroleum Exporting Countries (OPEC) and other
producers decided to cut output that propped up prices.
This is the fifth
consecutive week that gasoline prices were increased and the fourth successive
week for diesel and kerosene.
In an advisory,
Pilipinas Shell Petroleum Corp. said they would raise prices of gasoline by 40
centavos per liter, diesel by 70 centavos and kerosene by 65 centavos starting
at 6 a.m.
Phoenix Petroleum
Philippines and PTT Philippines will implement similar price adjustments.
Flying V raised its
pump prices ahead of the other oil companies at 12:01 a.m.
Eastern Petroleum
Corp., Petron Corp., SeaOil Philippines Inc. and UniOil Petroleum Philippines
Inc. have yet to make announcements but are expected to implement similar price
hikes.
Last week,
international oil prices closed the trading week higher over $50 per barrel
after non-OPEC members also agreed to reduce oil production.
Reuters reported that
non-OPEC members led by Russia reduced output by 558,000 barrels per day.
This followed the
Nov. 30 decision of OPEC members to limit oil production starting next year to
shore up international oil prices.
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