Oil Firms Increase Prices Anew

In separate advisories, multiple oil firms announced hikes in their oil prices as fuel prices in the global market continue to rise.

Chevron, Cleanfuel, Petro Gazz, Petron, PTT Philippines, Seaoil, and Shell announced that their gasoline prices will go up by PHP0.85 per liter. Diesel prices will also go up by PHP1.10 per liter.

A hike of PHP1 per liter on kerosene products was also announced by Chevron, Petron, Seaoil, and Shell.

The price increase on different oil products come as industry analysts see global oil prices to creep up to pre-pandemic levels as demand for oil products from Asia continue to improve.

The said increase in oil price in the Philippines is also in part due the efforts of oil-producing countries such as Saudi Arabia to limit production in a bid to push oil prices higher in the global market.

The Department of Energy said in its oil monitor bulletin that Saudi Arabia is producing a measly 1 million barrels per day for February and March

“Saudi Arabia remains committed to its reduced production, down by 1 million barrels per day through February and March,” the DOE bulletin said. (GFB)