Oil Firms To Hike Pump Prices Tuesday

Oil firms will hike pump prices Tuesday, reflecting international market prices.

In separate advisories Monday, Phoenix Petroleum Philippines, Seaoil Philippines Inc. and PTT Philippines said they will hike diesel prices by PHP1.50 per liter and gasoline prices by PHP1.10 per liter at 6:00 a.m., Tuesday.

Other firms are expected to make announcements later in the day.

As of April 12, the Department of Energy’s oil monitor cited diesel has a price range of PHP20.05-25.77 per liter in Metro Manila. It has a prevailing price of PHP22.65 per liter.

Gasoline, on the other hand, has a price range of PHP33.40-41.10 per liter. It has a common price of PHP38.30 per liter.

International major oil producers had not agreed in a meeting Sunday whether to implement a production freeze, as Iran ditched the talks without any plan to participate in the freeze.

Iran earlier said it plans to return to its pre-sanctions level of production at million barrels per day.

Around 20 oil ministers attended the meeting in Doha, Qatar.

Last week, oil-benchmark West Texas Intermediate for May delivery fell to USD40.36 per barrel in the New York Mercantile Exchange.

Brent crude, on the other hand, for June delivery decreased to USD43.1 per barrel at the London ICE Futures Exchange.

The International Energy Agency also reported global oil supplies decreased ny 0.3 million barrels per day in March to 96.1 million barrels per day. (PNA) BNB/JLD