MANILA, Philippines – Pilipinas Shell Petroleum has announced that it is raising prices of diesel by 25 centavos a liter, effective on Tuesday.
The latest price hike, according to Shell, reflected the continued uptrend of prices in the global oil market.
Other companies, however, had not announced their price adjustments as of late Monday.
Based on the June 14 oil monitor report of the Department of Energy, oil spot prices had “sluggish yet persistent increases” during the June 6-10 trading days.
The report stated that the Dubai crude increased week-on-week by $1.10 a barrel. Gasoline and kerosene also rose by $1.40 a barrel, somewhat lower than that of diesel at $2 a barrel.
“The uptrend was partly due to the market prospects of tight supplies after OPEC maintained its output ceiling ahead of an expected pick-up in energy demand in the third and and fourth quarter of this year,” the report stated.
The OPEC meeting on last June 8, resulted in the cartel’s official output target remaining at 24.8 million barrels per day as the body failed to resolve conflicting views among members.