By Danessa Rivera (The Philippine Star) | Updated August 1, 2017 -
12:00am
MANILA, Philippines - Petroleum
companies are raising pump prices for the fourth straight week today as higher
demand and lower US production continue to induce price surges in the
international oil market.
In separate text advisories
yesterday, Pilipinas Shell Petroleum Corp. and SeaOil Philippines Inc. said
pump prices would increase starting at 6 a.m., with gasoline prices going up by
P0.35 per liter, kerosene by P0.40 per liter and diesel by P0.50 per liter.
Eastern Petroleum Corp., Phoenix
Petroleum Philippines Inc. and PTT Philippines Corp. announced the same price
increases on gasoline and diesel products effective 6 a.m. today.
In a separate advisory, Flying V
said it would have the same price adjustments starting 12:01 a.m.
UniOil Petroleum Philippines Inc.,
on the other hand, said its price hikes would take effect at 6:01 a.m.
During last week’s trading, oil
prices settled at $49.71 at the closing, its strongest week this year, Reuters
reported.
High demand and a decline in US
production were supportive factors in this week’s fuel price increases,
Department of Energy (DOE)-Oil Industry Management Bureau director Melita
Obillo said in a text message.
She said there was robust demand
after recent data showing US, Singapore and Japan’s overall inventory drawdown
and higher consumption from China and India.
The DOE official also said drilling
for new US production is slowing down.
Meanwhile, the US threat of
sanctions against Venezuela’s vital oil sector in response to Sunday’s election
of a constitutional super-body also drove prices higher, Obillo said.
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