Danessa
Rivera (The Philippine Star) - April 17, 2018 - 12:00am
MANILA, Philippines —
Petroleum prices were raised early today due to concerns over geopolitical
tensions in the Middle East.
Oil firms increased
gasoline prices by P0.35 per liter, diesel by P0.55 per liter and kerosene by
P0.80.
The price hike came
after oil companies rolled back pump prices last week.
Eastern Petroleum,
Flying V, Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp.,
PTT Philippines Corp. and Seaoil Philippines Inc. implemented their respective
price adjustments at 6 a.m.
UniOil Petroleum Philippines Inc. increased its fuel price effective 6:01 a.m.
Petron Corp. and Total
Philippines Corp. have yet to announce their respective advisories as of press
time.
During last week’s
trading, Brent crude climbed over $70 per barrel on escalating Middle East
tension.
In a report by Reuters, international oil
prices had its largest weekly gain last week due to concerns of Western
military action in Syria as well as dropping global oil inventories.
The US and its allies
launched air strikes against Syrian President Bashar al-Assad’s forces in
response to a suspected poison gas attack in Syria.
Meanwhile, the
Organization of the Petroleum Exporting Countries (OPEC) reported global oil
inventories have dwindled while its collective output fell to 31.96 million
barrels per day (bpd) in March, down 201,000 bpd from February, according to a Reuters report.
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