Fuel prices inch up Tuesday

MANILA, Philippines — Local pump prices went up for only the second time this year so far, as the global market anticipated a letdown in the damaging effects of the new coronavirus and renewed moves among crude oil producers to limit production.

Pilipinas Shell, Seaoil Philippines, Total Philippines, Phoenix Petroleum and PTT Philippines increased prices of diesel by 20 centavos and of gasoline by 30 centavos per liter, effective 6 a.m. on Tuesday.

Also, Shell and Seaoil raised kerosene prices by 35 centavos per liter.

Prior to this week’s price hikes, prices of diesel went down by a total of P5 per liter, gasoline by P3.15 per liter, and kerosene by P6.25 per liter.

Last week, the price of global benchmark Brent crude climbed to as high as $58.80 per barrel on Feb. 20, but slid to $56.30 per barrel on Feb. 24.

The price of the Asian bellwether Dubai crude rose from $56.03 per barrel on Feb. 18 to $57.42 per barrel on Feb. 20.—Ronnel W. Domingo