Local oil companies raise pump prices anew

Pump prices of diesel went up for the sixth week in a row, this time by P1.150 centavos per liter as the global market felt the benefits of an agreement to cut oil output. Prices of gasoline also went up, for the second week straight, by P1.25 per liter. The price hikes by 
Petron, Shell, Seaoil, Total, PTT and Phoenix took effect at 6 a.m. on Tuesday. Diesel prices have seen a cumulative increase of P7 per liter. Gasoline prices have increased by a total of P3 per liter. Petron, Shell and Seaoil also raised the price of kerosene by 75 centavos per liter. This was the sixth weekly increase, now totalling P8.80 per liter. 
At the crude oil futures market, Brent crude contracts were pegged as of press time at $38.34 per barrel, down from $40.80 per barrel a week earlier. Dubai crude was pegged at $41.52 per barrel as of June 10, up from $39.26 per barrel on June 3. —Ronnel W. Domingo