By
Lenie Lectura - July 2, 2019
PRICES of petroleum
products are on the rise for the third consecutive week.
Oil companies on Monday
announced a per-liter increase in gasoline products of more than a peso, and
nearly a peso per liter in upward adjustment for diesel.
In separate advisories,
oil firms said they would implement at 6 a.m. of Tuesday, July 2, a P1.20 per
liter price increase in gasoline, P0.95 per liter in diesel and P1 per liter in
kerosene.
The price increase was
announced by Pilipinas Shell, Phoenix Petroleum Corp., Petro Gazz, PPT
Philippines, Total Philippines and Seaoil Philippines. The adjustment in local
pump prices reflects movements in the world oil market.
In particular, the
Department of Energy (DOE) cited mixed reaction on the easing market concerns
about the possibility of a US-Iran conflict and declining crude demand,
especially in view of the trade conflict between the US and China.
Also, it said that some
analysts see crude supply to remain tight as the Organization of the Petroleum
Exporting Countries (Opec) and its allies, including Russia, are likely to
extend a deal on curbing output when they meet in Vienna.
Meanwhile, the price of
LPG (liquefied petroleum gas) and auto LPG went down over the weekend.
Petron Corp.
implemented a P3.40 per kilogram price rollback in LPG prices and P1.90 per
liter decrease in auto LPG prices.
“These reflect the
international contract price of LPG for the month of July,” it said,
Eastern Petroleum also
slashed its EC Gas LPG by P3.40 per kilo or P37.40 for an 11-kilo cylinder at 6
a.m. of July 1.
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