Oil Prices Increase on Jan. 5

Various oil firms announced fuel price hikes on January 5, marking the first oil price increase for 2021.

Cleanfuel, Petro Gazz, Seaoil, and Shell announced and increase in diesel prices by PHP0.30 per liter, and PHP0.45 per liter for gasoline products. Meanwhile, Seaoil and Shell will also increase prices of kerosene by PHP0.40 per liter.

According to the Department of Energy (DOE), oil prices ended 2020 lower than its previous year.

This comes after rollbacks in oil prices were implemented by oil firms last Dec. 29, as the year-to-date prices of diesel recorded net declines of PHP5.96 per liter, PHP1.97 per liter of gasoline, and PHP9.49 per liter of kerosene.

Department of Energy (DOE) said further that oil prices in 2020 ended lower than the previous year.

“Asian demand is expected to remain steady but cheaper arbitrage barrels from the West may impact Middle East crude prices,” DOE said in their oil monitor bulletin. (GFB)