Oil Prices Continue to Rise for 3 Weeks Straight

Oil firms in the country have increased oil prices again on Tuesday morning, marking the third straight week in which oil prices in the country experienced price hikes.

Gasoline prices went up by PHP1 per liter, while the price of diesel went up by PHP1.05 per liter, according to different statements made by Philippine oil industry players such as Cleanfuel, Petro Gazz, Seaoil, and Shell.

Kerosene prices sold by Seaoil and Shell will also increase by PHP0.95 per liter, with other oil firms to follow accordingly.

This comes as the United States Energy Information Administration (EIA) made a projection that the global oil supply will rise, while different inventories for oil are projected to experience decline. They also added that the Organization of Petroleum Exporting Countries and its allies (OPEC+) will implement supply limits as the impact of low crude oil prices are still felt by the industry. (GFB)