Oil prices to go up anew this week

By Kris Crismundo March 15, 2021, 4:38 pm
https://www.pna.gov.ph/articles/1133650

MANILA – After a rollback last week, oil prices will increase effective Tuesday.

Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell announced they would raise gasoline prices by PHP1.25 per liter and PHP0.90 per liter on diesel products.

Caltex, Seaoil, and Shell will also hike kerosene prices by PHP0.85 per liter.

Other industry players are expected to follow suit.

Last week, oil firms slashed prices by less than a peso after a month-long of price increments.

Compared to oil prices in the same period last year, gasoline prices are now higher by PHP6.10 per liter, PHP5.35 per liter higher for diesel, and PHP4.50 per liter higher for kerosene.

Meanwhile, the Department of Energy’s (DOE) oil monitor bulletin said the recent announcement of Saudi Arabia and the Organization of the Petroleum Exporting Countries or OPEC+ alliance sparked bullish sentiments in the Middle East crude oil markets.

Most oil producers in the OPEC+ alliance will maintain their quotas, except for Russia and Kazakhstan, which will raise output by 130,000 and 20,000 barrels per day, respectively.

On the other hand, Saudi Arabia will continue implementing its 1 million barrels per day voluntary cut.

“It means the group will keep about 8 million barrels per day of crude production, or roughly 8 percent of pre-pandemic supply, off the market for another month,” the DOE bulletin said. (PNA)