Oil Firms to Hike Gas Prices by P0.35 Centavos/liter

(PNA) -– Oil companies will hike gas prices by Php0.35 centavos per liter Tuesday.

Seaoil Philippines Inc. (SPI) will increase prices at 12:01 a.m. Tuesday, while Phoenix Petroleum Philippines and PTT Philippines will change prices at 6 a.m.

Prevailing prices for gasoline around Metro Manila currently range from Php40.01 to Php46.71 per liter, with most retail stations offering Php45.45 per liter, according to the Department of Energy’s (DOE’s) oil monitor.

The three companies said diesel prices will not move, which currently plays between Php28.85 to Php34.65 per liter. It has a common price of Php29.90 per liter.

Seaoil and Phoenix noted the price changes were brought by international market movements.

Last Friday, the Organization of Petroleum Exporting Countries (OPEC) decided to continue producing oil despite the oil oversupply in the global markets.

However, it does not see the oil price bouncing back to the US$ 100 per barrel prices. OPEC will meet again on December 4. (PNA) LGI/JLD