Oil Prices this Week Increase Anew

Oil firms will once again increase the prices of their oil products Tuesday, giving motorists two consecutive weeks of increasing oil prices.

Oil firms Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell in separate advisories announced that their diesel prices will increase by PHP0.35 per liter, while their gasoline price is to increase by PHP0.45 per liter

Moreover, Seaoil and Shell added that prices of their kerosene will increase by PHP0.65 per liter.

Other oil firms are expected to make their own adjustments to their oil prices.

The oil price hike comes as the Dubai crude increased price by USD1.65 per barrel, while gasoline and diesel from Mean of Platts Singapore (MOPS) also increased prices by USD1.60 and USD1.95 per barrel, according to the Department of Energy’s oil monitor bulletin.

The oil monitor bulletin added that oil prices in Asia increased generally as signs of demand recovery in the United States and China were seen, which boosted market sentiment.

“Positive data from China showing economic recovery gaining pace is also boosting optimism about returning demand after the COVID-19 lockdowns last year crushed fuel consumption,” the monitor bulletin further added. (GFB)