Phoenix To Hike Pump Prices On Tuesday

Phoenix Petroleum Philippines will hike pump prices Tuesday, reflecting the five-day average of trading in international market prices.

The oil firm said in an advisory Monday it will hike diesel prices by PHP1.50 per liter and gasoline prices by PHP1.10 per liter.

The increase will take effect at 6:00 a.m., Tuesday.

Other oil firms are expected to announce similar increases later.

International major oil producers had not agreed yet Sunday whether to implement a production freeze, as Saudi Arabia refused to participate without Iran in the talks.

Iran had not attended the meeting Sunday, refusing to agree to a production cut and planning to return to its pre-sanctions level output.

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

Last April 15, 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/SSC