Oil firms raise prices this week

MANILA – Fuel prices are set to increase effective Tuesday.


In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Flying V, Petron and Shell said they will hike diesel prices by PHP0.70 per liter and gasoline by PHP0.60 per liter.


Caltex, Seaoil, Flying V, Petron and Shell  will also raise kerosene prices by PHP0.85 per liter.


Industry players said the adjustments reflect the movements in the world oil market.


According to OilPrice.com, oil demand is bouncing back despite the continuing rise of coronavirus disease 2019 (Covid-19) cases in different parts of the world and border restrictions are still in place.


Benchmarks Brent crude is trading at USD66.61 per barrel while West Texas Intermediate crude is trading at USD63 a barrel.


Meanwhile, after oil players implemented rollbacks on gasoline and kerosene prices last week, year-to-date adjustment for gasoline recorded a net increase of PHP6.55 per liter and PHP3.45 per liter for kerosene.


Diesel prices are also higher by PHP4.65 per liter than last year. (PNA)


Main article here.

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