Oil Prices Increase for 4 Weeks Straight

After three weeks of consecutive price increases in oil products in the country, oil firms have once again increased oil prices, marking the fourth straight week of consistent rise in oil products.

Oil firms altex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell, and Total said in separate advisories that their gasoline products will increase in price by PHP0.75 per liter, along with their diesel prices by PHP0.70 per liter.

Moreover, oil firms Caltex, Seaoil, and Shell are increasing their kerosene prices by PHP0.70 per liter.

Other oil firms are expected to make the corresponding adjustments to their oil products.

This news comes as the Department of Energy (DOE) oil monitor bulletin said that the price hike for oil products in the Philippines is due to increases in the price of crude globally, with price increases for different oil products ranging from USD1.20 to USD1.60 per. barrel.

“Dubai crude has increased week-on-week by almost USD1.20 per barrel. MOPS (Means of Platts Singapore) gasoline and diesel have also increased by around USD1.60 and USD1.20 per barrel, respectively,” the oil monitor bulletin from DOE said.

Also, demand for oil products have increased with the continued recovery of key nations and regions around the world such as China, Europe, and the United States from COVID-19. (GFB)