Oil Prices to Go Up Anew

Oil prices increase for two weeks in a row as firms are set to implement the adjustment starting Tuesday.

In separate advisories, oil players will increase diesel prices by PHP0.55 per liter, gasoline prices by PHP1.25 per liter, and kerosene prices by PHP2.35 per liter.

The price hike reflects the movement in oil prices in the world market.

For this month, the cumulative increase in diesel is at PHP2.45 per liter, PHP4 for gasoline, and PHP3.60 for kerosene.

Global oil prices started to improve this month as oil producers and exporters agreed to cut their production to 10 million barrels per day until June.

As of posting, West Texas Intermediate (WTI) crude traded at USD30.77 per barrel, improving from USD24.74 a barrel price last week.

Brent crude price also went up to USD33.78 per barrel from last week’s price of USD30.97 per barrel. (PNA)