Oil Prices Increase for 3rd Straight Week

This week will mark the third straight week in which oil prices have gone up in the country as oil firms announce new oil price adjustments effective Tuesday.

Oil firms Caltex, Petro Gazz, Phoenix Petroleum, Seaoil and Shell announced in separate advisories adjustments in gasoline, diesel, and kerosene.

Gasoline prices of the said oil firms will increase gasoline prices by PHP0.40 per liter and diesel prices by PHP0.35 per liter.

Moreover, oil firms Caltex, Seaoil, and Shell will also raise their kerosene price by PHP0.15 per liter.

This price adjustment comes as week-on-week prices of Dubai crude as of the September 3 trading week increased by USD1.80 per barrel, according to the oil monitor bulletin of the Department of Energy (DOE).

Moreover, gasoline and diesel prices of Mean of Platts Singapore (MOPS) went up by USD1.50 per barrel.

With the new price adjustments set, DOE said that year-to-date prices on oil products in the country are on the rise as gasoline prices increased by PHP13.35 per liter and diesel by PHP10.90 per liter, while kerosene prices also increased by PHP8.70 per liter. (GFB)