By Danessa Rivera (The
Philippine Star) | Updated August 8, 2017 - 12:00am
MANILA, Philippines - Major price
hikes on petroleum products will greet motorists today, as last week’s
international oil trading pushed up prices.
This is the fifth consecutive week
that petroleum companies raised pump prices.
In separate text advisories yesterday,
Pilipinas Shell Petroleum Corp. and SeaOil Philippines Inc. said pump prices
would increase starting at 6 a.m.
Gasoline prices will be raised by P1
per liter, kerosene by P.85 and diesel by P.80 per liter.
Eastern Petroleum Corp., Phoenix
Petroleum Philippines Inc. and PTT Philippines Corp. announced the same price
hike on gasoline and diesel products effective 6 a.m.
In a separate advisory, Flying V
said it would implement the same price adjustment starting at 12:01 a.m.
UniOil Petroleum Philippines Inc.
will hike fuel prices at 6:01 a.m.
On Friday, fuel prices surged after
a strong job report supported hopes for growing energy demand, Reuters
reported.
At the end of the trading week,
global benchmark Brent futures settled at $52.42 per barrel.
Based on Department of Energy
monitoring, the Asian and Middle Eastern gasoline market continued to
strengthen amid unexpected refinery maintenance, tighter supply and higher
consumption, DOE Undersecretary Felix William Fuentebella told The STAR in a
text message.
“A market trader said that supply
was really tight, while another said the Middle East demand seemed to be quite
high,” he said.
Meanwhile, a fire accident at Pernis
in the Netherlands, Europe’s largest oil refinery, tightened supply in the
global market amid a steady increase in Asian demand.
“A number of units were offline,
that incident could potentially draw barrels from the Middle East or Asia,
providing some support to prices. If the outage was prolonged, it could
potentially pull barrels from Asia and the Middle East to plug the gap in the
West of Suez,” Fuentebella said.
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