Oil Firms Hike Prices of Petroleum Products Tuesday

Oil companies will hike their crude products on Tuesday, as it reflects the high prices during the market closing last week.

In separate advisories, Phoenix Petroleum Philippines, Seaoil Philippines, Inc (SPI), Petron Corp, PTT Philippines and Pilipinas Shell Petroleum Corp (PSPC) said they will hike their diesel prices by 65 centavos per liter.

According to the latest oil monitor of the Department of Energy (DOE), service stations around Metro Manila offered diesel on Monday at around Php 24.55-28.00 per liter. It has a common price of Php 26.70 per liter.

Eastern Petroleum, on the other hand, will hike its diesel prices by 70 centavos per liter.

Petron, Phoenix and PTT Philippines will also hike their gasoline products by 10 centavos per liter.

However, Eastern Petroleum and PSPC said the price of their gasoline products would remain unchanged.

On Monday, gasoline amounted to Php 35.85-43.35 per liter. Its common price amounts to Php 42.25 per liter.

Petron, Seaoil and PSPC would also raise prices of kerosene by 70 centavos per liter.

All price changes will take effect at 6:00 a.m. on Tuesday.

Eastern Petroleum said the hike would “reflect the uptrend in world oil prices at the close of last week’s trading.”

The firm also said that the oil market was still experiencing an oil glut, adding industry experts see that it would take some time for supply and demand to rebalance.

With the forecast, Eastern Petroleum noted global energy demand is expected to increase by a third over the next 20 years.

The downtrend of crude prices started last year during shale oil’s full-blast entry into the oil market. (PNA) RMA/JLD