Oil Firms Hike Pump Prices Tuesday

Oil companies will hike pump prices Tuesday, reflecting the five-day trading average gains in international markets, which was slightly eased by the impact of the United Kingdom’s exit from the European Union.

In separate advisories, Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines, Seaoil Philippines Inc., Flying V and PTT Philippines Corp. said Monday they would hike prices of gasoline by 65 centavos per liter and diesel by 40 centavos per liter on Tuesday.

Shell, Seaoil and Flying V will also increase kerosene prices by 35 centavos per liter.

The four oil firms will implement the price hike at 6 a.m., Tuesday, while Flying V at 12:01 a.m., June 28.

With the adjustment, diesel prices in Metro Manila will range from Php 25.45-28.70 per liter and gasoline prices from Php 36.30-43.35 per liter.

American oil benchmark, West Texas Intermediate, increased from USD49.96 per barrel last Monday and continued to hike to USD50.11 per barrel Thursday. However, it crashed again to USD47.64 per barrel on Friday after the Brexit vote.

Brent crude also saw slight price increases before it fell, which started at a price of USD50.65 per barrel Monday and closed at USD48.41 per barrel Friday. (PNA) RMA/JLD