By: Ronnel W. Domingo - 12:05 AM May
16, 2017
Pump prices of petroleum products
went up today (Tuesday) after three straight weeks of decline as the global
glut was deemed to have been easing.
Local oil firms raised prices as
early as midnight of Tuesday, with the price of gasoline rising by 30 centavos
per liter.
There were no changes in the pump
prices of diesel and kerosene.
As of press time, companies that
gave notice of price hikes included Pilipinas Shell Petroleum Corp., Flying V,
Phoenix Petroleum Philippines Inc., Eastern Petroleum Corp., and PTT
Philippines Corp.
The latest price adjustments brought
prices of gasoline in Metro Manila to the range of P39.15 to P50.30 a liter at
the pump.
Monitoring by the Department of
Energy (DOE) showed that the oversupply of oil in the global market was easing.
But the DOE said a tighter gasoline
market was expected in the coming months due partly to the reduction in China’s
gasoline exports.
“As for demand, the Middle East
continued to pull Indian exports, reducing cargoes of gasoline to Asia,” the
DOE said.
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